Apartment owners in DFW rejoice! Rent prices in both Dallas and Fort Worth rose to record levels. Those renting in the Dallas-Plano-Irving area paid an average of $1,083, while those in the Fort Worth-Arlington area paid $974 in February of this year; both are up significantly from the months before. Axiometrics SVP Jay Denton, who conducted the study, tells us two major reasons for the skyrocketing rent are job growth and a dearth of vacant units. The market's occupancy rate is around 95.5%, and this balance of supply and demand favors the landlord.
Jay tells us there's a major contrast between suburban and urban areas. Areas near Uptown have experienced more of an impact from the new competition and are reaching upper-tier price points. Will this trend continue? Jay tells us it will but that it will slow soon.
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