North Texas apartment rents reach record highNorth Texas apartment rents reach record highhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=107162015-10-06T05:00:00Z2015-10-06T17:00:00Z

​​DALLAS-FORT WORTH - North Texas apartment renters this year are being slammed with record rent increases, as increased construction this year has not put the brakes on significant apartment rent hikes.

"We can't find a quarter in the past where rent increases were this high year-over-year," said Greg Willett, MPF Research chief economist. "Such strong rent growth in Dallas-Fort Worth really is unprecedented. ​Some slowing of rent growth is likely, but the pace of price increases should remain way above Dallas-Fort Worth's long-term norm of 2 percent to 2.5 percent," Willett said.​

An average apartment in North Texas now costs $975 per month. Rents for newly built units in hot markets like Dallas' Uptown district are running more than $1,500.

Net apartment leasing totaled more than 5,000 units in third quarter.

DFW leads the country in both apartment leasing and the number of new units added to the market,​​ as less than 5 percent of North Texas apartments are vacant. 

More than 38,000 apartments are being built in North Texas — the highest total in decades.

Despite one of the largest construction volumes in decades, apartment builders cannot keep up with demand in the DFW area caused by strong job growth and increasing populations.​

Denton Record Chronicle
Dallas-Fort Worth-Arlington

​Click to​ see MPF Research​ Dallas-Fort Worth multifamily reports. 

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