Dallas-Fort Worth apartment residents are
paying more than ever for rent
By STEVE BROWN
Follow @SteveBrownDMN
stevebrown@dallasnews.com
Real
Estate Editor
Published: 20 February 2015 09:22 PM
Updated: 21 February 2015 08:07 PM
Dallas-Fort Worth apartment
renters just can’t catch a break.
In January, effective rents
in the area were more than 5 percent higher than a year ago, according to a new
report from Axiometrics Inc.
The rent hikes in the Fort
Worth area were even larger — 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 the
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 more than 100,000 a
year. That’s fueled demand for apartments.
Renters are paying dearly
to keep a roof over their head.
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. Those are record highs 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 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.
Dallas’ rent increases are
less than other major U.S. markets, including San Francisco, up 12.5 percent,
Denver, 11.7 percent, and Atlanta, 8 percent.
Nationwide effective annual
rents were 4.9 percent higher in January, according to Axiometrics.
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