Dallas Has Too Many Apartments and Not Enough Folks to Fill 'Em
To recap: Dallas's malls are going to hell, and our offices are empty. So, ah, how's the apartment-rental business in the DFW? Either awful or godawful, depends who you ask.Says here Dallas has slipped three spots, to the No. 26 position, on a major index that charts national markets' rentals. GlobeSt.com insists all's not lost and that Dallas should see a "modest" rebound in 2009; still, there's a lot of empty inventory sitting around (and plenty more under construction) and not as many folks to fill the units. Which is why M/PF YieldStar is reporting today that the DFW took a massive hit in apartment rentals during the last three months of '08, turning what looked like a plus year into a ginormous minus. --Robert Wilonsky
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Ever wonder what it's like to be treated like an autistic, red-headed step-child? Rent from Equity. They make airline service look like Ned and the First Reader.
Posted On: Monday, Jan. 5 2009 @ 4:00PMmaybe if they made some affordable apartments rather than pumping out luxury condos.. then they wouldn't all be so empty.
Posted On: Monday, Jan. 5 2009 @ 4:13PMOkay so then, where are all the apartment dwellers going? Rental houses? Because I heard that rents are down on those as well and a lot of owners-cum-"investors" are just looking to break even. Maybe that's where all the people who can't afford those high-rise/luxury apartments are going???
Posted On: Monday, Jan. 5 2009 @ 4:19PMCP, for what it's worth I've seen many houses for rent in my NW Dallas neighborhood in recent months, a fairly new development. And friends scattered across the DFW report the same thing.
Posted On: Monday, Jan. 5 2009 @ 4:34PMRobert-
Again I ask, where are all the people living? If there were people in apartments before the last quarter in 2008 and now those poeple aren't there (I'm assuming this decrease doesn't take into account the scads of upscale/luxury apartments under construction or brand new) then where are they? Are they suddenly homeless? Moved back in with parents? Left DFW?
Posted On: Monday, Jan. 5 2009 @ 7:33PMFrom what I can tell, all those people moved to a single house in Frisco across from where I used to live.
Frisco is a nice place...for me to set fire to.
Posted On: Monday, Jan. 5 2009 @ 8:40PMI see a lot of new apartment complexes being constructed.
Oh and Robert, having a lot of rental houses in your hood isn't a good thing. Nothing brings down property values faster.
Posted On: Monday, Jan. 5 2009 @ 8:58PMToots-
Are you paying attention???
This is not an issue about property values, or trying to keep property values high in the first place. This is a whole, big other grand picture about a lot of stuff that you apparently cannot seem to grasp. Like the economy, stupid.
I read a report recently that talked about rental homes being a solid investment since people who had homes foreclosed on them weren't necessarily trading their big houses for small apartments, so they were renting houses- large houses, actually- in record numbers. There are a lot of large houses in Robert's neighborhood.
Also Toots, rental properties do not "bring down" property values. Get a clue about real etsate before spouting ignorance. Oh wait, never mind......
Posted On: Monday, Jan. 5 2009 @ 11:31PMMy God CP, chill the fuck out.
Rental properties don't bring down poverty value? YOU need the fucking clue. There is a reason many lending institutions won't borrow money to someone buying a condo in a building/complex with over 50% of the units being rented out. Or better yet find me a majority of people who take care of the property they are renting verses the ones who own. Its no contest.
Its time you realize CP that most of use don't share your over inflated opinion of yourself.
Posted On: Tuesday, Jan. 6 2009 @ 12:00AMPower Properties isn't anything to write home to mom about either! Many people I know are looking to leave for higher ground or a rental house. For the price we pay we should be getting more. Better living conditions and better service.
Posted On: Tuesday, Jan. 6 2009 @ 1:04AMThe DMN article mentions that "When the economy gets bad, renters often double up or move in with relatives to cut expenses. Renters also leave town to seek employment elsewhere." It's that last bit that's really worrisome -- what all this says about the employment picture in Dallas.
Posted On: Tuesday, Jan. 6 2009 @ 8:10AMYou know, when the katrina victims where here on the govt nickle, the apartments all raised their rents to the max. They also quit offering incentives. It made getting into a house (pre crisis) or rental house much more attractive.
Perhaps we are seeing the results of this?
Posted On: Tuesday, Jan. 6 2009 @ 9:04AMEmpty office buildings? Empty malls? Empty apartments? Empty houses? I love urban alienation...especially with so many post modern triangles and pyramids on top of it! I'm moving back to Dallas immediately.
Posted On: Tuesday, Jan. 6 2009 @ 1:09PM
