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Investor Insight for the Dallas Apartment

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Apartment Loans DallasFamilies are thriving throughout many areas of Dallas, Texas. Whether residing within a duplex or an apartment building, people are finding affordable properties to rent in Dallas. Investors who are searching for a great place to build a portfolio of properties may be able to capitalize on the growing demand in the Dallas apartment market.

Living in Dallas, TX     

Dallas has tremendous economic and educational opportunities. An upbeat business district continues to draw professionals to the area. 

Residents enjoy the vast amount of shopping centers, restaurants, sporting venues, area attractions and the nightlife that Dallas offers.

Average Apartment Rental Rates in Dallas, TX 

Dallas is a large metro area, where the apartment rental rates can vary by a large degree. According to Zumper, the average cost to rent a one-bedroom apartment in Dallas is $1,250. Two-bedroom apartments in Dallas rent for an average rate of $1,715 per month, while three-bedroom apartments have an average rental rate of $2,003.

Zumper also lists Cockrell Hill as the most affordable apartments in Dallas, where the average rent equals $825 per month for a one-bedroom apartment. Caruth Hills was listed as the neighborhood with the highest average rental rates in Dallas, at $1,973 per month for a one-bedroom apartment.

While apartments in Dallas typically range from a studio to a four-bedroom unit, one-bedroom apartments are the most popular rental option.

The overall rental market consists of apartments from affordable prices to luxurious accommodations that are far more expensive.

Apartments that are located in Downtown Dallas or in the Uptown area have premium rental rates.

Statistical Data for Dallas, TX  

Data from the U.S. Census Bureau reflects that the estimated population for the City of Dallas was approximately 1,343,573 as of July 1, 2019. The population has increased 12.2 percent from 2010, when the population was 1,197,658.

The median household income in Dallas was $52,580 in 2019.

Multifamily Property Data for Dallas-Fort Worth, TX

The Dallas-Fort Worth area had a robust showing for the 3rd quarter of 2020. Data from NorthMarq’s market report reflected a strong improvement for multifamily properties. The vacancy rate was lower than the previous quarter and the sector is expected to strengthen as the economy improves.

The NorthMarq report also reflected a 3rd quarter vacancy rate of 5.3 percent. Also, the median sales price stood at $138,000, while the average year-to-date cap rates were 5.0 percent.

Outlook for the Dallas Apartment Market 

Covid-19 caused the Dallas apartment market to pause during the 2nd quarter of 2020. However, many of the economic and employment concerns have improved. It is anticipated that it will take several additional quarters for the local employment numbers to stabilize. Although, the multifamily apartment market has almost reached the normal performance level.

Market sentiment is largely based on the strength of long-term growth for the Dallas multifamily apartment market and the surrounding areas. Investors are more confident after seeing a rebound in investment activity during the 3rd quarter of 2020. 

Now, investors are back into acquisition mode to find attractive multifamily apartment buildings with low cap rates.

Rents were fairly stagnant in the Dallas-Fort Worth area during 2020. 

As of the 3rd quarter of 2020, property owners were seeking rent of $1.35 per square foot per month. Class A apartment units have an average rental price of $1.65 per square foot per month.    

Applying for an Apartment Loan in Dallas, TX

Favorable buying conditions have led to a competitive environment for investors who want to acquire a multifamily apartment building in Dallas, TX.

With an abundance of programs for low-rate mortgage loans, funding speed is important for investors who want to purchase income-producing properties. 

Many deals are lost by borrowers who apply for apartment loans with a local bank. However, an investor who is shopping for an apartment complex in Dallas is encouraged to obtain a mortgage loan approval.

Financing an Apartment Building Without Tax Returns 

Tax returns provide a wealth of information that banks and commercial lenders use to determine if an investor can afford to pay for an apartment loan.

We offer apartment loans for investors who want to buy an apartment building, a triplex, a duplex or an entire apartment complex. 

Our programs are not based on the borrower’s financials. Therefore, we do not ask for personal tax returns or for business tax returns, whatsoever.

Additionally, we do not require borrowers to provide personal bank statements or corporate bank statements.

With credit scores that are above 600 points, an investor can apply for financing to buy an apartment building in Dallas or the surrounding areas. 

In fact, we can lend throughout the state of Texas, and across the nation for properties that meet our performance standards.

Our loan officers are experienced and ready to provide outstanding service. Typically, our funding process is completed within a few weeks. 

We can lend up to $5,000,000 for apartment buildings.

Contact Direct Apartment Lenders today for more information about financing an apartment building in Dallas, Texas.

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