Apartment rentals just hit a record high for the Dallas-Fort Worth area. For the second quarter of the year, net apartment rentals in North Texas more than doubled the rental pace of apartments a year ago.
Landlords leased more than 15,000 units during the quarter, with high demand, in part, coming from out of state markets. As demand increased, so did local rent prices.
Dallas-Fort Worth apartment rent rates increased about seven-percent, year-over-year. That’s the largest yearly increase on record and higher than the 6.3-percent rise in rents nationwide.
In North Texas, apartments rented for an average of more than $1,200 at the end of June. Apartment occupancy rate in Dallas-Fort Worth topped 95-percent.
That’s up more than one-percent from the second quarter of last year. While apartment rentals slowed in early 2020, the market’s since been experiencing some strong leasing numbers.
New apartment projects have also started up again. Locally, investor demand makes the area one of the country’s hottest property-buying markets.
Some say even luxury properties aren’t offering much in the way of price discounts due to the strong demand. Still, the second quarter is traditionally the busiest time for apartment rentals and rent growth could cool off a bit as the year progresses.