Fort Worth and Dallas Grow Apart in Rent Growth
Normally side by side, Dallas falls behind Fort Worth in the third quarter’s rent growth. Rents in Dallas are hard to rise when a lot of their projects are in the lease-up stage.
There were several units built in DFW this past year and several more still in construction. However bulks of the units built and in construction, were in Dallas not Fort Worth.
Bisnow quotes RealPage Chief Economist Greg Willett by saying, “[Construction] is trending upward in Fort Worth, and it is trending down a little bit in Dallas,” Willett said. “When we were in earlier phases of the cycle, it was focused on Downtown Dallas and those northern suburbs.”
Rent growth for Fort Worth was a little of 3% and for Dallas a little over 1% which is a pretty big gap when they normally coincide. Nationwide rental rates climbed 3% compared to this time last year.
Austin was actually the most improved rental rates among the country’s 50 largest markets. To read the article on the subject, click here.