Apartment rents are high, but 8,800 new units are coming

The Oak Cliff apartment market is tight, as we noted in the November Advocate. But as many as 470 new units are expected to open in our neighborhood by the end of next year.

In today’s Dallas Morning News, Steve Brown reports that rents are up by an average of 4 percent in the Dallas area and 9 percent in central neighborhoods such as downtown. Demand for apartments has increased while few new apartments have been completed since the recession began.

But 7,000 units currently are under construction in the Dallas area, and 8,800 new apartment units are expected to be under construction by the year’s end, according to Brown’s report, which draws data from MPF Research. That’s more apartment starts than any other market in the country.

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