Apartment Rents Continue to Rise, Occupancy Slightly Down In DFW
Apartment rents in DFW are still a bargain compared to the national average, but they're outpacing the nation in growth. Axiometrics' July data shows that fundamentals look solid for both owners and operators filling units and for residents looking for fair rent.
Average rent in Dallas stands at $1,134, up $5 from June. Average rent in Fort Worth stands at $1,020, up $9 from June. Axiometrics predicts a 4.8% annual growth in Dallas and a 4.5% growth in Fort Worth by the end of 2016, better than the national annual growth of 3.1%. Might we catch the national average rent of $1,291 soon?
Fort Worth occupancy remains the same from June, but Dallas' occupancy is down .2% to stand at 95.5%. Axiometrics SVP of analytics Jay Denton (pictured) says the decrease in occupancy and increase in rent are not significant and remain in the usual realm of changes. DFW occupancy remains slightly higher than the national average of 95.1%.