DFW posted nearly $30 billion in multifamily investment in 2021, leading the nation
Last year broke records for multifamily residential real estate investment, and North Texas came out on top.
Dallas-Fort Worth led the nation and posted $27.9 billion in sales, making up 8.3% of the U.S. total, according to a report from commercial real estate leader CBRE.
In terms of new supply, Dallas ranked third, behind New York and Houston, adding 15,300 new units in 2021. Fort Worth ranked 17th, with 6,200 new units.
In both cities, apartments are being rented faster than they’re being built. Dallas posted a net absorption of 31,900 in 2021; Fort Worth reported 9,700.
“While supply headwinds are strong in some markets, overbuilding is not a concern, since vacancy rates remain persistently low,” the report said.
Nationwide, rent soared 13.4%. North Texas posted rates above the average; rents increased by 14% in Fort Worth and 16.5% in Dallas.
CBRE projects national rent growth will slow this year to between 6% and 7%.
This story was originally published February 7, 2022 at 2:57 PM.
