Significant Rent Growth And A Full Pipeline For DFW Multifamily
Dallas-Fort Worth had one of the biggest rent growth rates in the country from Q1 of last year to Q1 2017. DFW rents are up nearly 6%, according to RealPage and reported by the Dallas Morning News.
The national average stands around 3.7% growth. RealPage chief economist Greg Willett noted the significance of a construction center like DFW having such rent growth, and indicated it signals a strong market.
Fort Worth renters saw rates increase 6.6% year-over-year. The average rent for a one-bedroom apartment in DFW is at an all-time high of $1,057. Nationwide rents average $1,302. Seattle and Sacramento saw rent increases higher than DFW.
Net unit leasing in Q4 2016 totaled more than 10,000 units. More than 50,000 units are in North Texas’ pipeline, and about 30,000 will open in 2017, like Trammell Crow's Knox Heights.