North Texas apartment rent increases on the horizon

DALLAS-FORT WORTH – The DFW area’s apartment rents in first quarter were more than 5 percent higher than a year earlier, a record annual increase for North Texas.

With 20,000 apartments set to open in 2015, industry analysts were expecting a slowdown in rent growth.

“As we move into the second quarter this number is going to go up and could go up meaningfully,” said Greg Willett, vice president of Carrollton apartment analyst MPF Research. “In some places across the country and in other Texas markets, there is a slowdown in rent growth. Not in DFW.”

Average rents in the area are now at $927 a month, with most new units renting for $1,200 or more. Willett continued to state that DFW apartment vacancies are now at a 14-year low at 5 percent.

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