The apartment market all throughout the North Texas region has been on fire, but after several years are significant rent increases, it appears price hikes are starting to slow a bit.
According to a report from the Dallas Morning News, data from RealPage Inc. shows apartment rents were only about 3% higher in the 3rd quarter compared to the 3rd quarter of last year, which only represents half of the 6% rent hike from 2015 to 2016.
Perhaps most encouraging is that prices are slowing even despite little decline in occupancy, which is great news for anyone already living in an apartment, or of course still searching for a new apartment in DFW.
Many of the large-scale apartment developments have also begun leasing as well, adding plenty of new inventory and forcing pricing to come down to stay competitive. Additionally, DFW’s red hot job market has also cooled slightly compared to the last couple years, although it’s certainly worth noting that job growth in the area still remains high by historic standards.
At the end of last month, North Texas apartment vacancy overall sat at just 5%, and 47,724 units were also still under construction, which is actually down from 530,00 units late last year into early 2017.