Buyers Chase Multifamily Deals Across DFW and US

Cornerstone Apartments is a 240-unit garden-style affordable multifamily apartment in Dallas.

DALLAS—Employment gains and apartment completions continue to lead US commercial real estate activity. Specifically, the Dallas/Fort Worth metroplex region has been the nation’s job engine during the last few years, attracting and encouraging a diverse range of companies to relocate and expand in the area, according to a recent report by Marcus & Millichap. An average of 85,000 individuals have moved to the metroplex in each of the past five years in search of jobs, creating strong demand for area housing.

Despite robust employment gains, wage growth has not kept pace with home price appreciation, pushing thousands of residents into apartments as housing affordability slips. Absorption reached the highest level in the last decade during 2017 at a time when completions were at peak levels. This suggests there’s still pent-up demand for housing.