If you’re thinking about making the move to Dallas-Fort Worth in 2017, there’s good news on the horizon, especially if you’re looking to rent rather than buy. With so many jobs making their way to North Texas over the past 12 to 18 months, housing is in very high demand and both rent and home prices have also been on the rise recently.
But according to a recent analysis from Axiometrics, supply might finally be catching up to demand when it comes to apartments and rentals in DFW, which means the rise in rent prices could finally see somewhat of a slowdown as early as next year.
Axiometrics, which is a research and analytics firm that specializes in apartments and student housing, suggests that new supply should reach its peak for this current development cycle sometime next year, and with an influx in new construction, rent growth from a pricing standpoint could start to decline a bit.
As of now, Axiometrics projects Dallas rates to increase by 2.7% in 2017, while rent prices in Fort Worth are projects to only jump up by 2.9%. For perspective, rates in Dallas-Plano-Irving increased by 4.3% from 2015 to 2016, while rates in Fort Worth-Arlington spiked by 5.7% during that same span.
It is worth noting, however, that even despite such significant gains in rent prices over the last 12 months, rates around DFW are still well below the national average. But with as more jobs move to the areas and the entire North Texas region continues its upward trend, it might only be a matter of time before we reach or even exceed the national average in both rent prices and home prices.