Q4 2022 Dallas/Fort Worth Multifamily Figures

As we wrap up 2022, the job market in the DFW area remains strong despite recent economic uncertainty. In fact, DFW has gained over 172,000 non-farm jobs since December 2021, an impressive 4.3% increase. However, the housing market has seen some negative absorption for the third quarter in a row, with demand outpacing supply in Q4 2022, resulting in a decrease in occupancy to 94.3%. Rent prices remained flat at $1.74/SF, while new construction starts and delivered products ticked up quarter-over-quarter. In Q4 2022, more than 6,300 units were delivered, bringing the total completions for the year to over 21,000. Additionally, there were 10,191 units that broke ground in Q4 2022, bringing the active pipeline to a total of 64,652 units under construction. Nationally, multifamily rents and demand are normalizing from the instability created by the pandemic, and locally, DFW has already seen a slight price decrease in the tight housing market due to rising interest rates, which has increased demand in the multifamily market.