While the dallas mavericks could not rally from a 3-games-to-1 deficit in the team’s recent NBA playoff series against in-state rival the San Antonio Spurs, the health of the Dallas apartment market is in the process of staging one of the biggest comebacks in history over the past five months, especially compared to some of its local rivals.
The Dallas metropolitan area enjoyed 3.2 percent revenue growth in that time, according to the May 2010 ALN Market Report. If that pace continues, ALN’s Wayne Williams reports, the market would see a remarkable 7.7 percent growth in income for 2010, which would rank as one of the best comebacks in history.
Since Dec. 1, Dallas’s overall occupancy has increased 1.6 percentage points and overall effective rental rates (rent after all admitted concessions are accounted for) have moved up $9 per unit. During this time period, Dallas absorbed 8,221 units and its monthly absorption rate continues to grow.
The San Antonio market is no slouch, having seen three consecutive months of increases in both occupancy and effective rental rates (ERR). This marks a 2.9 percent rise in overall revenue with a 1.4 percentage point increase in occupancy, a $7 rise in ERR and absorption of 2,444 units.
Austin posted three straight months of revenue growth. With a $14 uptick in ERR, it has stymied occupancy growth a bit with only a 0.9 percentage point increase and absorption of 1,929 units.
Other Noteworthy Markets
Atlanta. Two consecutive monthly increases in occupancy (1.4 percentage points) and ERR ($1). The average concession package there decreased from 5.4 weeks free on a 12-month lease in November to 4.1 weeks free as of April 30.
Tampa. It’s the only Florida market that ALN tracks that is showing a potential bounce.
Las Vegas. No tangible improvement here. Its 21 consecutive months of declining effective rents means recovery is not yet in the cards.
Phoenix. Occupancy is up 2.1 percentage points over the past three months, but effective rents, which were up slightly over this period, could not hold and declined in April.
Jacksonville. Stabilization signs are showing.