Uncertainty be damned. The multifamily market in a number of Texas cities continues to be strong – even “white hot,” depending on whom you ask.
“Dallas multifamily vacancies sit at roughly 5 percent with rents roughly 15 percent over pre-pandemic levels,” rental housing experts at Greystar told REDnews. “Dallas has also had considerable amounts of pipeline delivery, which have been absorbed at record levels during the past few quarters at over 25+ units per month despite rising rents.”
Austin, too, boasts one of the strongest multifamily markets in the state.
“It’s important to understand the supply/demand fundamentals,” said Marcy Phillips, vice president of real estate development for Ryan Companies. “Sometimes, there can be booms in other primary Texas markets. Austin has weathered this well and it appears there is a long runway as the MSA continues to grow.”
There’s no shortage of incentive to build here, according to Venkat Avasarala, founder of Stryker Properties. Click to read more at www.rednews.com.