Multifamily residential real estate was all the rage in 2021, no more so than in the North Texas metroplex encompassing Dallas, Fort Worth and Arlington.
The area posted $27.9 billion in sales of multifamily residential properties, the Fort Worth Star-Telegram reported. That’s 8.3 percent of the national total of $335.3 billion, and higher than any of the 69 U.S. cities studied by a CBRE report cited by the newspaper.
Sales jumped by 159.1 percent, compared with the national rate of 128.2 percent.
Dallas, which added 15,300 multifamily units in 2021, ranked third in the country for putting new supply on the market, trailing New York and Houston. Fort Worth put 15,300 new units on the market in 2021, ranking it 17th.
Population growth throughout Texas is driving demand for the construction of more housing. In Dallas-Fort Worth, that need is outpacing building and driving up rental rates above the national average. In 2021, rents in Dallas increased by 16.5 percent, compared with 14 percent in Fort Worth and 13.4 percent across the nation..
National rent growth is expected to slow to between 6 percent and 7 percent in 2022, according to the CBRE report.
[Fort Worth Star-Telegram] — Cindy Widner
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