DALLAS-A recent multifamily report released by Hendricks & Partners indicated that statistics continue on their upward trend for 2012, though there was some slowdown. Though the year-to-date positive net absorption of 9,370 units is below the 15,500 net move-ins recorded during 2011, on the supply side, full-year completions are anticipated to be 6,180 units, exceeding the 5,290 units that came online in 2011.
Other statistics from the report note that:
- In the third quarter, multifamily permit issuance reached an annualized total of 13,650 units, 9% above the previous quarter.
- Average vacancy increased 20 basis points to 6.2% in the past three months. In the previous quarter, vacancy improved 100 basis points.
- Asking rents in the DFW area advanced 1% to $826 per month in Q3, compared with a 1.5% gain in the prior three months.
Meanwhile, during the past six months, the number of single-family home sales has increased 6%, versus a 28% gain during the preceding two quarters. The median home price was $162,670, an increase of 8% within the past six months.