We’ve been hearing the chatter about DFW’s crazy apartment market for awhile now, but when you take a step back and look at some of the numbers, it’s even more jaw dropping than you may think.
According to recently released data from MPF Research, which was highlighted earlier this month in the Dallas Business Journal, the DFW area is now seeing record highs for rental rates, with high demand and low availability continuing to push rents upward.
Over the first half of 2015, approximately 11,429 apartments were leased, ranking the Dallas-Fort Worth area highest in the country in terms of apartment demand. Incredibly, it’s estimated that demand in 2015 has grown by 26% since last year alone, and despite developers brining nearly 8,600 new apartments to market over the first half of this year, development for apartments simply cannot keep pace with the current demand.
As a result, rents have jumped 2.2% for new residents in the 2nd quarter of this year, while the annual rent growth year-over-year for existing residents in North Texas has reached 5.5% in early 2015, which is an all-time high.
As noted by the Dallas Business Journal, the average monthly rent in North Texas is currently at $952, while newer apartments in some of the area’s most popular neighborhoods like Uptown and Oak Lawn are averaging a mind-blowing $1,800 per month.
Right now, roughly 35,400 apartments are already under construction for the entire DFW region, while just over 7,000 of those apartments are in Dallas’ urban core. And while those seem to be pretty big numbers, many of those units are in the highly competitive luxury niche, continuing to make it harder and harder for young professionals to find affordable housing in many of Dallas’ most sought after downtown neighborhoods.
If you're going to be in the market for a new DFW apartment, contact the market experts at DFW Urban Realty today to help guide you through one of the hottest apartment markets we've ever seen here in the Dallas-Fort Worth area!