Oak Cliff has come a long way from merely aspiring toward urban revitalization and renewal. New apartment data suggests the Dallas community is now a hot spot for apartment renters.
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Oak Cliff, along with the West Dallas restaurant community of Trinity Groves, experienced a yearly apartment rental rate growth of 12.6% over the past three months — the largest increase experienced among all of DFW's 37 submarkets, according to ApartmentData.com.
After Oak Cliff and Trinity Groves, the hottest rental markets in terms of rent growth were East Fort Worth/Woodhaven/I-30 (10.1% increase), Grand Prairie (9.6%), Allen/McKinney (8.3%) and North Dallas/Addison (9.7%), the report said.
The entire DFW apartment market now hovers at a 91.5% occupancy rate, with the average price per month hitting $1,136, ApartmentData.com said in its June report.
Across the metroplex, rental rate growth increased 1.9% over the past 12 months with 20,000 units absorbed across the Dallas-Fort Worth area. The area currently has an operating supply of 3,091 apartment communities and 727,000 units, with 79 communities opening in the past 12 months alone, bringing another 22,000 units online.
The same report from ApartmentData.com shows that 111 apartment communities are under construction across DFW with 32,000 units planned. Another 82 communities with a combined 37,000 units are in the proposal stage.
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