Downtown D-FW apartment vacancies are rising due in part to widespread construction.
But central business district rentals in both Dallas and Fort Worth still have higher vacancy rates, according to a new report by Partners Real Estate.
“For Dallas and Fort Worth, it’s mostly been lopsided when it comes to the vacancy rate in the apartment category, with the downtown areas continuing to struggle in comparison to their suburban counterparts,” according to the report.Overall vacancy for apartments built in the downtown Dallas area since 2019 is at 9.9%. In downtown Fort Worth, vacancies in the newest units are almost 17%, Partners Real Estate estimates.
Vacancy rates in the newest suburban D-FW rental units are less than 9%, according to the study. “Most of the properties in the suburbs delivered during the same time period have performed much more strongly,” the analysts said. One factor could be the slow return to office in city centers following COVID’s work-at-home shift. About 60% of Dallas-area office employees are back in the workplace as of the latest estimates.
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