The Texas market was the most active condominium real estate for 2022, largely because of the Dallas / Fort Worth region.
It looks at key indicators of key markets across the United States, according to a new report from Dallas-based commercial real estate services and investment firm CBRE.
One solid finding: The absorption of national housing complexes in the first quarter of 2022 was the highest since the first quarter of 2000.
The increase in demand was driven by household formation, employment and wage growth, and sharp rises in house prices, CBRE wrote in the report.
No. 1 in US DFW in housing investment
For the past four quarters, DFW has been number one in housing investment nationwide, according to the report. The region has a total value of $ 29.2 billion, accounting for 7.8% of the total United States. The next closest investment market is Atlanta, which was $ 21.4 billion in the last four quarters.
The DFW region recorded a net absorption of 4,600 in the first quarter and 35,200 in the last four quarters, making it the third largest market in the United States after Houston, ahead of Austin.
Texas Leads the Country with the Completion of Apartment
The report also states that the Texas market has seen more multi-family completions than any other state. Houston took the lead in the first quarter, with 4,900 completions, second overall after New York. Dallas came just behind Austin for the completion of the first quarter at 3,600.
The news comes from rising rents and declining vacancy rates nationwide, with the exception of San Francisco and San Jose. Overall, according to CBRE, vacancy rates fell to a record low of 2.3% in the first quarter. It also states that this is the first time that vacancy rates for all apartment property classes have fallen below 3%.
This is due to a 18.5% year-on-year increase in rents in the Dallas area. This is the second highest rent in the South Central region after Austin, which was up 23.9%. The region with the largest year-on-year changes was in the southeast, with West Palm Beach ranked first with a 30.4% increase in rents.
Rent growth is gaining momentum, according to the report, and investment in large coastal markets is expected to recover significantly this year. These markets are expected to drive US rent growth in the second half of this year.
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