Dallas/Fort Worth Multifamily Market Report
Dallas Urban Core Posts Strongest Absorption in More Than 20 Years
Young adult migration stimulates downtown demand. Many firms are expanding their workforce in the Metroplex, luring young adults to accept jobs and relocate. Recent graduates, in particular, are eager to advance their careers after an unorthodox hiring period during the pandemic. Dallas-Fort Worth’s reasonable cost of living and high quality of life is a contributing factor. The age 20-34 cohort in the market is expected to grow by 22,400 people in 2021, a sharp contrast to the projected reduction in the U.S. Young adults moving to the Metroplex provide a tailwind for urban core rentals, as many within this age bracket prefer the downtown lifestyle and proximate amenities. The Intown Dallas submarket noted absorption of more than 1,000 units from April through June, the largest quarter reading since the turn of the century. Robust demand compressed vacancy to the lowest midyear rate in six years, facilitating 4.6 percent quarterly rent growth.