MARKET & TRENDS
DFW SPOTLIGHT
DFW RENTAL TRENDS FOR 2, 3 & 4BR SFR
MEASURE NAMES, FORECAST INDICATORS
SFR 2 BD AVG PRICE, ACTUAL SFR 2 BD AVG PRICE, ESTIMATE SFR 3 BD AVG PRICE, ACTUAL SFR 3 BD AVG PRICE, ESTIMATE SFR 4 BD AVG PRICE, ACTUAL SFR 4 BD AVG PRICE, ESTIMATE
Still a Solid Market MARKET REPORTS FOR THE DALLAS-FORT WORTH AREA SHOW STEADY PERFORMANCE.
INDUSTRY GROUP / JOB CATEGORIES
1 YEAR CHANGE 3 YEAR CHANGE 5 YEAR CHANGE 1 YEAR % CHANGE 3 YEAR % CHANGE 5 YEAR % CHANGE
by Fred Heigold III
Construction
9,000
17,700
28,100
7.08%
14.95%
26.02%
entRange, an industry leader in market data and analytics for the single-family rental housing in- dustry, found in its recent metro report on Dallas-Fort Worth, that this Midwest metropolis continues its measured growth in both home value and rental rate appreciation. Annual job growth by volume leads the nation with a large cohort of high paying technology and finance jobs. The current demand for single-fam- ily rentals (SFR) is strong and inward migration to the area will continue to put upward pressure on prices. JOB GROWTH According to the BLS Job Report through September 2019, the Dallas-Fort Worth market has been a solid market for real estate investment in the last few years. As stated in the report, Dallas takes the number one R
spot for volume of jobs gained with 117,300 jobs in the 12 months ending in September, beating out New York and Houston. This is 50 basis points over Houston for job creation in the state of Texas. The Dallas-Fort Worth job market continues to outperform the state of Texas and the national average of 1.4 percent. Dallas-Fort Worth saw a 3.2 percent increase in jobs between September 2018 and Sep- tember 2019, adding 117,300 non-farm positions. This ranks Dallas 30th versus all other major metropolitan areas. Ranked against only the largest MSAs of over 600,000 residents, Dallas ranked fourth. For the job categories in Dallas-Fort Worth, growth from September 2018 to September 2019 was led by the Professional and Business Services sector (19,100 jobs), followed by Finance (16500 jobs), Construction (9,000) and Trade/Transportation & Utilities (6,300 jobs).
Professional & Business Services
19,200
38,600
65,600
7.04%
15.34%
29.19%
Manufacturing
2,900
5,800
4,300
5.54%
11.74%
8.45%
Financial Activities, Total
16,500
33,200
52,200
5.44%
11.59%
19.51%
Trade, Transportation & Utilities
6,300
12,800
16,600
5.22%
11.20%
15.02%
In 2018, the Computing Technology Industry Associ- ation named Dallas the sixth best technology center in the U.S. ahead of Seattle and Denver, claiming Dallas has “the largest tech labor force in the South.” The unemployment rate for Dallas was 3.3 percent in summer 2019. That was slightly lower than the national average for the same period, and down sharply from
the 8.7 percent peak reached during the last reces- sion. A strong job market supports the Dallas-Fort Worth real estate market in two ways: it attracts new residents into the area, which increases demand for housing. All information stated in the Job Growth section is from the BLS Job Report.
84 | think realty magazine :: january / february 2020
thinkrealty . com | 85
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