Latest Dallas Real Estate Trends Jul18

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Latest Dallas Real Estate Trends

Both occupancy rates and rent costs are up across North Texas, according to trend analyst MPF Research, a Carrolton-based research firm.

The average apartment cost in North Texas is up 4 percent from last year – the largest growth ever recorded. Thanks to increased demand for rental properties, the average rent in North Texas is now $888 per month, getting as high as $1800 per month in Uptown Dallas.

According to Greg Willett, vice president of MPF Research, employment growth in the Dallas-Fort Worth area is driving higher apartment leasing – which is approximately one-third higher in DFW than in other major cities like Houston, Los Angeles, and Washington.

Nearly 30,000 apartments were under construction in North Texas at the end of June, and currently Dallas-Ft. Worth is tied with New York for the biggest apartment development volume in the country. Dallas-area apartment construction has now reached an apex in its 30-year history.

The growth of jobs in the DFW has kept the demand for apartment leasing high in the area. However, real estate experts are wary of rental rates surpassing an affordable level for Dallas residents. Only 5.5 percent of Dallas apartments are vacant – the lowest rate in 13 years – and the high occupancy rate leads to increased monthly rents and higher income restrictions for tenants.

As residents of Dallas watch for rising rates, new apartment construction continues to race at breakneck speeds to keep up with demand – making it ever more important for residents to rely on real estate professionals to find the latest developments at the right cost.

Call us today to learn more about real estate options in the Dallas market: (214) 521-8657.