Apartments throughout Fort Worth and Dallas were in such hot demand in the second quarter that occupancy reached a level not seen in five years, according to MPF Research.Apartment occupancy rose 0.5 percentage point to 94.1 percent, which matches the market’s best rate in five years. Occupancy has topped 94 percent only four times since 2001, the research firm said.“We expected to see a strong performance in the second quarter, but we were a little surprised by just how strong it was, given the huge wave of new apartments under construction, plus the rebounding single-family sales market,” said Jay Parsons, MPF’s national analyst. “These numbers are very encouraging for the local apartment market,” Parsons said. “They clearly reflect the strength of the local economy.”As a result, rental rates for new leases increased 1.8 percent in the second quarter, the market’s second-largest hike in a decade, MPF said.Year over year, rents for new leases climbed 3.2 percent. From 2002 to 2010, year-over-year rent growth in Dallas-Fort Worth topped 3 percent only twice, MPF said.At the end of June, DFW led the nation with 24,697 units under construction. Since 2000, construction reached the 20,000-unit mark in 2008-09, MPF said.
Sandra Baker, 817-390-7727 Twitter: @SandraBakerFWST