North Texas apartment vacancy rate is lowest in nearly 15 years

Vacancies at Dallas-Fort Worth apartments are running less than 5 percent, a level not seen since 2001, according to a local industry report.

Apartment occupancy is 95.3 percent, ahead of the 94.6 percent rate a year ago, said Greg Willett, MPF’s research vice president in Dallas. Average monthly rents are at $952, rising 2.2 percent in the second quarter, he said.

Net leasing for apartments reached 7,881 units in the second quarter and 11,429 for the first half of the year, MPF Research said.

Developers completed 4,656 apartments in the second quarter and 8,597 for the first six months of the year. An additional 35,409 are under construction in North Texas, MPF said.

This story was originally published July 1, 2015 at 10:18 AM with the headline "North Texas apartment vacancy rate is lowest in nearly 15 years."