Dallas-Fort Worth Multifamily
More Renters Gravitating to Fort Worth;
Supply-Based Headwinds Evident, but in Pockets
Western portion of the Metroplex fostering stronger demand. Greater Fort Worth registered a larger net absorption total than Greater Dallas during the opening six months of 2023, despite having an apartment inventory that is about one-third of its size. North Fort Worth-Keller, in particular, spearheaded this performance by accounting for 1,170 units of net absorption, or 40 percent of the Greater Fort Worth total. Sustained demand here will be crucial in the near term as the area’s construction pipeline remains very sizable, with units underway in August accounting for more than 15 percent of current inventory. Other Fort Worth submarkets that exhibited notable apartment demand in the opening half of 2023 included Burleson-Johnson County, Intown Fort Worth-University and Northeast Fort Worth-North Richland Hills. Among these locations, the latter is the most insulated from near-term supply pressure.