Some stats on DFW leasing and buying as of Cinco de Mayo 2020

May 5, 2020 by Ted Bauer

A quick glimpse at the current market

We have talked about the buying market and the overall market a little bit so far -- including a quick detour on the potential demise of the iBuyer market.

Well, now there’s a new article on CityLab called “The Delicate Art Of Buying A Home In A Pandemic.” Much of this article is focused on New York City and Washington, DC -- which are entirely different real estate market beasts, and probably anyone landing on this post does not currently live there (I, the fair author, went to college in DC and grew up in NYC, and let’s say there is a reason I live in North Texas, and it’s highly tied to disposable income).

Here are some of the more general things (non-DC-specific) that this article can teach us, however:

Meanwhile, what’s the average rent drop in DFW for April?

That would be … nine dollars. In 2008, rents fell 2.2% in DFW. So far in 2020, we’re at 0.8%. In April historically since 2015, rents had risen $6-9, so basically it’s a full reversal of an average year across the past five years. 85% of Texas renters made their April 1 rent, which was above the national average of 83%. Total net absorption of new apartments in March was 2,240 units -- in April it was 962 units. Net absorption was thus still positive, but the numbers were way down. April 2018 net absorption was 3,129 DFW units, so we’re way down from that period. 

Are less people looking? Yes, overall. We haven’t seen a ton of that -- our phones and clients stay busy, which is good -- but there is a sense of stasis, or “riding out the worst of it.”

It all comes back to your individual situation

The numbers above are stats in the aggregate. Your situation, financially and geographically and more, will vary. If you want, we can walk you through everything we think we know in this moment -- because, admittedly, no one really knows everything. That’s universally true, of course, but in this moment it’s even more true. 

About the Author

Ted Bauer

Ted Bauer is a writer/editor for White Rock Locators focused on as much cool content about the DFW Metroplex rental scene as he can possibly find week-to-week.