By now, we’ve all seen the reports about rents in DFW continuously rising, but many apartment hunters might not fully understand just how much rates have spiked—until now.
According to research from Axiometrics, rents in Dallas jumped to $1,083 during the month of February, which marks the highest average price we’ve ever seen. And despite Dallas leading the entire state of Texas in terms of new apartments being built—with over 4,600 new units currently in the works around the downtown Dallas area alone—job gains and population growth continue to force rent prices up all throughout North Texas.
If you combine the entire DFW region, nearly 40,000 new rentals are currently in the pipeline, but according to recently released stats, apartment occupancy increased to 95.4% in February, which maintains a 95% or higher occupancy rate for the last 12 months. Â
To add some perspective relating to how crazy the rental market is here, DFW rents have increased by an astounding 5.7% from January 2015 to January 2016, while Fort Worth has actually seen an even larger jump over that same timeframe, which is being reported as a 6.2% increase.
So while it might be nice being a landlord right now, if you’re thinking about making that long-awaited transition from renting to owning, there’s no better time than the present.
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