It’s been one of the most active years on record for the DFW apartment market and the end of the year showed no signs of a slowdown according to recently released data from MPF Research. According to the numbers, North Texas saw 10,485 units leased over the fourth quarter of 2016, which is the highest demand every recored over the fourth quarter of any given year.
The end-of-the-year spike helped elevate the net leasing total for all of 2016 to just over 27,120 units, which is a major jump compared to 2015’s total of just 17,000 units leased. As noted by MPF, DFW now claims the country’s top spot for apartment demand, which can largely be attributed to the region’s incredible job growth and employment opportunities that have continued to help feed new residents to the area.
Unfortunately for renters, the overwhelming demand also continues to push apartment prices up as well, with some figures showing the average hike in rent over the course of 2016 jumping to over 6 percent. As of now, the average monthly rent in Dallas-Fort Worth is at $1,042, although as more projects are being completed, especially around downtown Dallas the the city’s urban core, gains haven’t been quite as substantial.
According to MPF Research, right around 50,000 rental units are currently under construction around the North Texas region, with about 29,000 of those units expected to be delivered sometime in 2017.