Changes In Dallas Economy Open Up Door For Dallas Apartment Rentals
Have you seen Dallas new Arts Apartment lately
? If not, then you better hurry. This brand new apartment complex in downtown Dallas is already 60 percent filled to capacity, and its only been open for business since April.
The Arts Apartment seems to be the trend among Dallas apartments. In fact, as far as Dallas apartments go, this industry is taking full advantage of the changing economy in Dallas.
A Thriving Economy Causes an Apartment Boom
It is likely that the rebound of the local economy is really moving along the increase in rental rates for Dallas apartments. The thriving North Texas economy has caused quite a boom for Dallas apartments.
In fact, the Dallas-Fort Worth area experienced a leap in apartment leasing, resulting in 9,400 units being rented in the second quarter of this year alone, according to MPF Research. The total number for 2010 thus far stands at over 15,000 units, which is the best showing for this industry in more than five years. And that, says economists, is a sure sign that North Texas has a thriving economy on its hands.
The increase in rentals of Dallas apartments is no doubt linked to the rise in employment. Its no secret that you cant see that kind of an increase in numbers unless there is significant job creation.
Dallas apartments have seen a great deal of momentum because many individuals have moved from renting single-family homes and condos back into apartments. Economists also expect that some of the younger renters are recent grads that, up until this point, had to live with Mom and Dad because of a lack of jobs.
The overall apartment vacancy rate for Dallas apartments stands at about nine percent.
Dallas Apartment Building Continues
Last year, many economists were worried that the Dallas apartment industry would begin suffering from oversupply. These fears, of course, have been unfounded, as seen by the huge increase in apartment building in the Dallas-Fort Worth area. In fact, there are almost 7,000 new units in the works for this area.
And, believe it or not, the fears of last year are being replaced with fears that there could actually be an apartment shortage next year if numbers continue to increase in the second half of 2010. This sentiment is echoed by new apartment developers, who have said that demand for their units has been much greater than expected.
Another great example of the demand for Dallas apartments are the Savoye apartments in Addison, which are now more than 50 percent occupied, even after being open for just a few months. The developer of the Savoye apartments says that this apartment complex is the first phase of a larger, 120-acre development called Vitruvian Park.
Another UDR development, Belmont, in East Dallas, is also near 70 percent leased.
The local job base in Dallas has been growing, of course, right along with the rise in Dallas apartment rentals. In fact, at the end of May, employment numbers for the Dallas-Fort Worth area were quite impressive: the area gained more than 3,400 jobs from the same time last year.
by: Richard s
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