If you’re thinking of buying a home in North Texas but might be waiting until later in the year, consider that DFW area apartment rents rose at a record rate in 2015 and are now higher than the national average with a recent spike last month.
According to Axiometrics, Dallas-Fort Worth rent prices spiked 5.7% last month compared to a year ago, now putting the average rent price in the North Texas region at $1,076 per month. Aside from being $58 more per month than in January 2105, DFW rents are now seeing faster growth rates that exceed the national average by nearly a full 2%.
If you haven’t been paying attention, development for apartments and rental buildings throughout much of DFW has actually been widespread over the last 18+ months, but even still, overall vacant in January was just 4.8%.
As noted by Axiometrics, job growth has been very steady for quite some time now, enabling demand to exceed supply and continuing to drive rent prices up. So before you think about signing on that dotted line to rent a new apartment, potential home buyers with the ability to buy over rent should strongly consider purchasing a home right now over paying the premium its going to cost to rent something just about anywhere in DFW.
Posted by Kenneth G. Cox on
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Posted by Brandon Richards on Tuesday, July 17th, 2018 at 2:56pmLeave A Comment