Fort Worth apartment rent growth breaks record

FORT WORTH – Fort Worth’s annual effective rents grew 6.8 percent year-over-year in March, which is the city’s highest rent gain in the current real estate cycle, according to research from Addison-based Axiometrics.

Meanwhile, the annual effective rent growth for the same time period in Dallas reached 6 percent.

Dallas and Fort Worth’s annual rent increases surpass the national effective rent growth of 5 percent.

"What’s amazing is that rent growth continues climbing and both markets are full, by Axiometrics’ standards, even with new supply delivered," said Stephanie McCleskey, a vice president of research at the firm.

In first quarter 2015, Fort Worth received 574 new apartments and Dallas received 3,460 new apartments.

In 2015, North Texas is expected to get 15,864 new apartments, which is a dramatic increase from the previous year’s 11,389 new apartments.

Occupancy in Dallas and Fort Worth continues to be high, with 95.1 percent and 95.2 percent, respectively.

On average, North Texas residents are paying $907.53 a month for rent.

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