Rental Rates Dropping -- Time to Move on Up
Pricing up a mere 0.4 percent for the first quarter
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Apartment construction under way in Texas.
The rocky economy has yielded some unusual and unexpected perks. For instance, apartment renters can rejoice that they are seeing lower prices in the Dallas Metroplex these days, according to a report out by MPF Research.
The report says that rents have "flattened," with effective pricing up a mere 0.4 percent for the first quarter.
However, the downside of the news is the factors contributing to the price decrease. Metro Dallas lost nearly 29,000 jobs during the first quarter. Concurrently, the apartment sector is registering net move-outs, while new supply is crowding the market.
Occupancy has fallen a to 90.7 percent since as of March, and more than 19,000 apartment units are still under construction moving into the second quarter.
Looking toward the future, the downward pricing trend could continue as most of the units under construction currently won't top out until the end of 2009, and nearly 7,000 units won't be nearing completion until 2010.
Holly LaFon has written and worked for various local publications including D Magazine and Examiner.
