Where in Dallas-Fort Worth are Rent Rates Lowering?
Rent rates for apartments are falling in some Dallas-Fort Worth areas. Although the demand for apartments is lagging, North Texas developers are building more than any other metro market in the country.
Rent rates are down primarily due to the new apartment buildings. New rental communities usually offer a free month’s rent and current apartment building owners have to keep rent low in order to compete.
Although apartments are lowering rents, they have not raised the vacancy rates. The occupancy rate has dropped 1.3 percent this year. Dallas News list a year-over year change in quoted apartment rents below:
Dallas-Fort Worth 2%
Dallas area 8%
Fort Worth area 7%
East Dallas -3.7%
Las Colinas -1.2%
Central Dallas -0.7%
Central Fort Worth -0.2%
Addison-Bent Tree 0%
The upside for apartment builders is that the job growth in Dallas-Fort Worth continues to rise. Jobs are being filled by out-of-towners making a high demand in North Texas living.