Multifamily Owners Reaping Benefits Of Job Growth & Corporate Relos
Skies look rosy for continued absorption for multifamily in the Metroplex. For one, DFW was second only to New York for job creation last year with 90,000 jobs, said The Milestone Group asset manager Jim Canon at Bisnow's State of the Dallas Market event this week. Milestone—which operates workforce housing at about $800 to $900/monthly rents, has 7,000 units in DFW—and has occupancy about 95%, Jim tell us. About 16,000 to 21,000 units are projected to deliver this year, compared to the historical rate of about 8,000 to 10,000 units annually. Some schools of thought, Jim says, believe with all the jobs and corporate relos coming to Dallas, it may not be enough units. Jim thinks absorption will be about 15,000 units. If it hits 21,000, occupancy may dip.
