A huge demand for new apartments in North Texas has pushed rents and building occupancy levels to an all-time high.
Dallas-Fort Worth apartment rents jumped by an average of 7.1 percent in the third quarter from a year ago. Previously rents in the area had never seen an average annual increase of more than 5 percent, according new data from apartment analyst MPF Research.
Nationwide, apartment rents increased by about 4 percent during the same period, making D-FW one of the top U.S. markets for rent growth.
D-FW apartment rents are now at a record high of $1,053 a month on average.
And the percentage of vacant apartments in the area has dropped below 4 percent for the first time ever.
“It’s certainly unprecedented to have rent growth this strong at the same time so much product is coming on the market,” said MPF Research vice president Greg Willett. “Every quarter we think the numbers can’t get more impressive, and we seem to do it. Read More >