With apartment development absolutely booming all over the country the past couple years, it looks like skyrocketing rents could finally be slowing down, at least according to one national real estate website. Although Zillow Chief Economist Svenja Gudel believes rental rates will continue to rise in 2016, the rate at which we’ll see rates climb should be at a much slower pace.
According to research done by the national real estate portal, the median rent at the end of 2015 nationally was $1,381 and is expected to jump to $1,396 before the end of this year, which would only be about a 1.1 percent hike.
In Dallas, however, which is one of the hottest rental markets in the entire U.S., apartment rents are projected to climb 2.1 percent from December 2015 to December 2016, raising the median rent to $1,532 per month by the end of the year.
The incredible job growth Dallas is experiencing is certainly fueling the very active apartment market here in DFW, and with more jobs expected to migrate to the area over the next 12 months or so, expect the rental market to stay quite active for the foreseeable future, even despite plenty of new units coming to market over the course of the year as well.
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