The Dallas-Fort Worth Metroplex remains one of the most desirable MSAs nationwide for business growth, in-migration, and development. As a result, the Metroplex represents an extreme combination of multifamily supply and demand fundamentals. With thousands of people moving into DFW each year, the demand for housing is strong, but given the relative ease of building in North Texas, developers continue to add supply in droves.
Families and businesses are attracted to the state’s abundance of jobs and business-friendly local governments. The recent economic and population growth trends, coupled with favorable existing demographics, indicate a strong demand for multifamily properties; however, ample new supply will keep fundamental growth limited in the immediate future.
According to Radix data, as of early March, multifamily traffic in Dallas was nearly two full tours per property per week above the national average, and leasing averaged almost a full new lease signed greater than the national average. While absolute NER and occupancy rates are below the national level, rent growth across the Metroplex over the past month and the past year has greatly exceeded national rent growth.
Dallas has the sixth-largest economy in the U.S., and it has grown rapidly over the past 15 years. It is the most diverse economy in Texas and does not rely heavily on one or two industries like Houston, Austin, and San Antonio. DFW saw 3.1% GDP growth in 2022, representing $682 billion and making up 2.7% of the country’s GDP. Despite signs of an economic slowdown, the region’s continued job growth led by some of the largest corporations will propel the DFW economy forward.
The DFW Metroplex has added jobs consistently since the recovery from the COVID-19 pandemic. Going back to May of 2020, the MSA has had net job growth in all but one month. In 2022 alone, DFW added more than 235,000 new jobs.
Radix ProForma and Radix Research are powerful tools that work together to analyze multifamily real estate markets, like Dallas, and portfolios comprehensively. With Radix ProForma, development and acquisition teams can make proactive decisions based on real-time data and historical trends, giving them a crucial advantage in a rapidly changing economic environment.
Leveraging Radix Research, stakeholders can benchmark and evaluate the performance of live properties and portfolios at submarket, market, and national levels, accessing a wide range of data analytics that streamline the research process. By using these products together, you can fully understand your current and potential markets to make informed decisions that drive success for your multifamily investments.
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