DALLAS — After experiencing exceptional rent growth between 2014 and 2017, it may be time for developers of multifamily product in the Dallas-Fort Worth (DFW) metroplex to shift their attention from the revenue side of the equation to the expense side. According to CoStar Group, average asking rents across DFW rose by about 12 percent between 2014 and 2017. The year-over-year rent growth of 6.3 percent that occurred between 2014 and 2015 marked a 10-year high for the market and kicked new development into high gear. Now, however, the metroplex has become inundated with new multifamily supply — nearly 22,000 new units delivered in the past 12 months. Rent growth has slowed to about 2.2 percent year-to-date and vacancy is inching upward. But rather than pump the brakes on building, developers should be looking for ways to cut costs, not push rents, if they want to maintain their current levels of profitability. Such was the conclusion of six multifamily developers who gathered at the seventh annual InterFace Multifamily Texas conference on Sept. 26. Held at the Westin Galleria hotel in Dallas, the event drew roughly 250 attendees. Matt Brendel, divisional president and managing partner at Irving, Texas-based JPI, was the …
