DALLAS-FORT WORTH-ARLINGTON – Apartment leasing demand cannot keep up with new rental construction, according to Richardson-based RealPage.
Net apartment leasing totaled 7,247 units in the third quarter, while completed construction was at 8,170.
The average monthly rent was $1,592, down 1 percent from 2022.
Apartment vacancy is 1.5 points higher than third quarter 2022 at 6.7 percent.
New construction is down 45 percent since last year with 72,000 apartments under construction across North Texas, including 11,000 in Allen and McKinney and 8,200 in Frisco.