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Dallas-Fort Worth: multifamily rents skyrocketing

Apr 5, 2016

DALLAS-FORT WORTH – Apartment owners rejoice as rent prices in both Dallas and Fort Worth rose to record levels.

Those renting in the Dallas-Plano-Irving area paid an average of $1,083, while those in the Fort Worth-Arlington area paid $974 in February of this year; both are up significantly from the months before.

Axiometrics SVP Jay Denton, who conducted the study, says two major reasons for the skyrocketing rent are job growth and a dearth of vacant units.

The market’s occupancy rate is around 95.5 percent, and this balance of supply and demand favors the landlord.

Areas near Uptown have experienced more of an impact from the new competition and are reaching upper-tier price points.

Will this trend continue? Jay predicts it will but that it will slow soon.

Read more at BISNOW

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