DFW Apartment Residents Are Paying More Than Ever For Rent

Dated: 02/20/2015

Views: 787

Dallas-Fort Worth apartment renters just can’t catch a break.

In January average rents in the area jumped by more than 5 percent from a year ago, according to a new report from Axiometrics Inc.

The rent hikes in the Fort Worth area were even larger – up 6.4 percent on an annualized basis.

“What’s amazing about these figures is that they’re occurring with a continued stream of new supply,” Stephanie McCleskey, Axiometrics vice president of research, said in a new report. “These numbers speak to the continued strong job growth throughout the Dallas-Fort Worth metro.”

The D-FW area led the country last year with almost 140,000 new jobs – a record annual employment gain for North Texas.

And population in the area is rising at more than 100,000 a year.

That’s fueled demand for apartments.

Renters are paying dearly to keep a roof over their heads.

In the Dallas area average rents were just under $1,000 a month, according to Axiometrics. In Fort Worth renters are paying an average of $891.70 a month. That’s a record for both markets.

Only about 5 percent of apartments in North Texas are vacant.

Almost 13,000 new apartments opened their doors in the D-FW area last year, according to Axiometrics. And another 15,901 rental units are scheduled for completion here this year.

“Given the bump-up in supply, we’ll likely continue to see rent growth and occupancy moderate, as both metropolitan districts absorb the new units,” McCleskey said.

Want to Advertise on this Site?

Latest Blog Posts

5 WAYS TO FILL THE SPACE ABOVE YOUR BED

Even if you have a beautiful headboard, the space above your bed can seem empty if left untouched. This space can be tricky to decorate, but that doesn’t mean you should leave it blank.

Read More

Organize Your Junk Drawer

Have you been looking for a budget-friendly way to organize that pesky junk drawer in your home? Instead of heading to the store and spending money on organizers, take a look around your home

Read More

HABITS OF A TIDY HOMEOWNER

We all have that friend whose home seems to be spotless, no matter the time of day. You could swing by for a morning coffee or stop over for dinner, and it always looks like someone just

Read More

Achieve Feng Shui In Your Home

If you take the time to dig into the philosophy around feng shui, you'll understand that it doesn't come off as esoteric as one may think. It is based around the simple practices to make a

Read More