By @SteveBrownDMN and the Dallas Morning News
Apartment rents in North Texas have never been so high.
At midyear, the average apartment rent in the Dallas area was about $1,130 a month, a new record. Rents are up almost 6 percent from a year ago and have risen almost 30 percent in the last five years.
Even the boom in apartment building hasn’t taken the bite out of the annual increases. Almost 50,000 new rental units are being built in the Dallas-Fort Worth area, so that should take the edge off price increases at some point. But most of those units are aimed at the upper end of the market.
The news for D-FW renters in mid-price and low-cost apartments is already bad.
Their recent rent increases are greater than what the overall market is seeing, the latest data shows.
“The biggest rent growth is in the middle-market product,” said . “Those units are jam-packed full.
“Minimal additional product is coming on stream at that middle-range price point, and the residents can’t afford to move up to the Class A units,” Willett said.
Middle tier D-FW apartments have the lowest vacancy rates, about 4 percent. And rents in these units, which average $959 a month, are about 7 percent higher than in mid-2015. Read More >