Apartment living is getting more and more expensive in DFW, and that’s hardly breaking news at this point. Rent prices have steadily been rising for what feels like forever now, and despite new apartment development reaching all-time highs, demand is still outpacing construction all over the North Texas region.
According to recent data from RealPage, the average DFW rent price reached a new high of $1,082, which represents a mind-blowing 50% spike compared to apartment prices just 10 years ago. In fact, from just this time last year, DFW rent prices have already increased by 5 percent overall, which blows past the 3.6 percent increase seen nationwide over the past 12 months.
The good news for renters right now, however, is that with development booming and 50,000 more apartment units already under construction in DFW, developers are offering all sorts of incentives, including free rent for the first month to six weeks. In fact, free rent for the first month is pretty much the standard for new construction apartment buildings, which certainly helps offset increased rent prices at least in the short-term.
But as long as DFW’s incredible job growth rate continues to strong upward trend, don’t look for rent price increases to slow anytime soon, even as new construction and apartment development still continues to be thriving.