DFW rents at all-time high in January 2015

DALLAS-FORT WORTH – In January, effective rents in the area were more than 5 percent higher than a year ago, according to a new report from Axiometrics Inc.

The rent hikes in the Fort Worth area were even larger — 6.4 percent on an annualized basis.

DFW led the country last year with almost 140,000 new jobs — a record annual employment gain for North Texas. Population in the area is rising more than 100,000 a year, fueling demand for apartments.

In the Dallas area, average rents were just under $1,000 a month. In Fort Worth, renters are paying an average of $891.70. Those are record highs for both markets.

Almost 13,000 new apartments opened their doors in North Texas in 2014. Another 15,901 rental units are scheduled for completion in 2015.

“Given the bump up in supply, we’ll likely continue to see rent growth and occupancy moderate, as both metropolitan districts absorb the new units,” said Stephanie McCleskey, Axiometrics’ vice president of research.

Dallas’ rent increases are less than other major U.S. markets, including San Francisco, up 12.5 percent, Denver, 11.7 percent, and Atlanta, 8 percent.