We already know that the apartment market throughout North Texas has been robust over the past few years. But to put things in perspective, apartment builders in the DFW region added a whopping 26,000 rental units in 2018 alone—a total that led the nation in completions by a large margin according to apartment data firm RealPage.
Despite the huge number of apartment deliveries over the past 12 months, most economists say demand is still quite strong for DFW rentals, which is why another 35,000 more apartment units were already under construction or getting ready to start construction at the end of 2018. Compared to last year’s new construction apartment pipeline, that’s 5,000 more units for those of you keeping track.
The good news for renters in 2019 is that with all the new construction happening around North Texas, rent price growth in DFW only jumped 2.4 percent this year, which is well below the nation average of 3.4 percent.
Fort Worth, however, was among the few areas with a higher year-over-year rent price spike in the fourth quarter, registering a 3.6 percent gain.
As for what to expect in 2019, occupancy rate should still hovering around 94 to 95 percent, which is where it currently sits now. In addition, rent price growth should also stay in the 2 to 3 percent range as well, meaning this year should look a whole lot like 2018, at least on the rental side of DFW’s housing market.
Posted by Kenneth G. Cox on
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