DFW apartment rents hit record average high of $888

DALLAS-FORT WORTH – Apartment rents have hit a record high with average monthly rents throughout the area costing $888. The newest Uptown and downtown Dallas apartments are renting on average for $1,800 per month.

The current rent increases are the largest ever reported by MPF Research, a local Carrollton-based apartment market analyst.

Average apartment rents in North Texas are up almost 4 percent from June 2013. For second quarter 2014, net leasing (6,615 units) and openings (3,011) were higher than 2Q 2013.

Net apartment demand in the DFW area is running about a third higher than in other major cities including Houston, Los Angeles and Atlanta.

At the end of June there were 28,475 apartments under construction in North Texas. Only 5.5 percent of local apartments are empty — the lowest overall vacancy in 13 years.

DFW and the New York metro area are tied with the country’s largest apartment development volume.