It’s no secret that rental rates all throughout the DFW are have been on the rise over the last several years, but as more apartments are being developed and delivered to market, some soon-to-be renters are wondering whether or not this upward trend will ever come to an end.
But before projecting how the rental market might fare in 2017, let’s first understand all the different factors that are pushing rent prices in Dallas-Fort Worth higher and higher.
Above all, what’s mostly behind DFW’s booming real estate market is the region’s incredible job growth, which is driving more and more people to the entire North Texas region. To put some perspective on just how strong DFW’s economic growth is right now, some estimates show more than 100,000 new jobs a year are being added in the North Texas region, enabling more and more young professionals to find work, who of course, generally opt to rent rather than buy when it comes to housing. So despite developers working hard to keep up with demand, housing units, and especially apartment units, just can’t be built fast enough to keep up with the insane influx of people that are migrating to Dallas and beyond.
Even as Dallas rent prices increase, though, the good news is that DFW is still slightly below the national average in terms of apartment prices, still making the area a relatively affordable place to live.
But in addition to job growth, the cost of construction and the cost of land has also gone up, which are two major contributors to increase rents. Furthermore, apartment developments today are much different than they were just 10 or 15 years ago, offering residents all sorts of luxury lifestyle amenities that will make you feel like you're living in a five-star hotel rather than a typical big city apartment.
In many instances, apartment dwellers don’t mind paying the premium for such amenities, however, and in most cases, it’s actually quite the opposite. Today, most people consider what lifestyle amenities a building or complex has just as much as the interior finishes and features of a unit, which is why developers are putting so much money into all these extra common features.