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Market Report

Dallas-Fort Worth Multifamily Investment Forecast

2022 Outlook

Metroplex Construction Eases Amid Robust In-Migration

Construction pace slowdown, strong migration trends to aid operations. Dallas-Fort Worth led all major U.S. metros in terms of annual delivery volume in each of the past four years, and it was not particularly close. During that span, the Metroplex added over 100,000 rentals; that's 24,000 units more than New York City, which was the second-highest-ranking market in that period. This year, Dallas-Fort Worth once again lays claim to the nation's largest pipeline, though the pace of building has retreated. Projected inventory growth of 2.5 percent in 2022 will be the slowest expansion in eight years. The moderation in development comes at a time when the market is adding new residents at an expedited clip, boding well for owners of existing complexes. In-migration to Dallas-Fort Worth is expected to surpass 70,000 net new residents this year, a total that will lead all markets by a sizable margin. As a result of the new people and the households they create, apartment absorption will exceed deliveries in 2022, producing downward pressure on vacancy and providing a tailwind for sustained rent growth.

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