Believe it or not, nearly 16,000 new apartments are currently under construction in DFW and will be delivered sometime during 2015. But despite the rising numbers in inventory, renters in Dallas-Fort Worth are now paying more than ever for an apartment, and that doesn’t appear to be changing anytime soon.
According to a recent piece in the Dallas Morning News, rent prices in the area were up more than 5% from January 2014 to January 2015, and in Fort Worth, increases in apartment rents have jumped even more at 6.4% from this time last year.
While many different factors come into play as to why DFW’s rental and apartment market is so hot right now, many attribute it’s equally hot job market as perhaps the primary source. Last year, the Dallas-Fort Worth region easily led the country in job growth, adding almost 140,000 new jobs—a record employment gain for North Texas.
In addition, DFW's population is also rising quite dramatically, with more than 100,000 people moving to the area each year.
Right now, only about 5% of apartments in North Texas are vacant, which could consequently boost home sales for young and first-time home buyers looking for a new place to live. Real estate professionals and economists are already predicting 2015 to be a very active year for first-time home buyers around the country, but given the incredible apartment and rental numbers are seeing and DFW, it could be even busier than expected.
But given we’re only a couple months into the new year, only time will tell how things play out.