Three Reasons Fort Worth Multifamily Dominates the Market
Even with seasonal dips and new supply, the Fort Worth metro continues to boast a strong apartment market. Here are three reasons why.
1. Strong Job Market
Even with Radio Shack declaring bankruptcy and closing numerous stores, the Fort Worth metro remains a mecca for jobs, says Axiometrics research analyst Sophie Zatterstrom Gore. Farmer Bros. Co is the latest relo coming to the region in a new $40M 500k SF facility just north of the Fort Worth city limits. Novartis is taking over the former Alcon campus. L-3 Communications is expanding in Arlington, and American Airlines broke ground last year on its new Fort Worth operations center. All of these—and others—mean new jobs and more housing demand, Sophie says. Preliminary metrics from the Bureau of Labor Statistics put annual job growth at 2.6% for March. Between March 2014 and March 2015, almost 25,000 jobs were added to the metro’s economy with unemployment at 4.1%.
2. Cheaper Rents
Rents within the Fort Worth metro are far less expensive than those in the Dallas-Plano-Irving Metropolitan area. Renters in Dallas paid, on average, $1,024.57 in April compared to Fort Worth with an average of $914.25. Occupancy in April was 95.4%, 20 basis points higher than the 95.2% reported in March and 70 basis points higher than the April 2014 metric of 94.7%, Sophie says.
3. More Amenities
Apartment properties near nightlife, restaurants and cultural offerings are becoming increasingly important to renters, Sophie tells us. In the Fort Worth metro, there’s Sundance Square and the Cultural Arts District, among many others. Fort Worth’s metro market is higher than 95% occupied, Sophie tells us.