Dallas-Fort Worth renters are paying record monthly rates for apartments
Steve Brown, Real Estate Editor – September 10, 2018
An average North Texas apartment will run you more than $1,100 a month, according to the latest data from RealPage. That’s up 35 percent from 2010.
But if you want to see real rent hikes don’t look to the fancy Uptown towers or those new digs up in Plano’s new Legacy West. The biggest rent increases have come in older rental communities.
“The big-picture takeaway is that neighborhoods where Class B and C products dominate the stock are the cycle’s rent growth leaders consistently and by a sizable margin,” said Greg Willett, chief economist for Richardson-based RealPage. “All the top 10 submarkets on the cycle’s rent growth leaderboard feature mostly Class B and C products, with the Mid-Cities neighborhoods doing especially well.”
Apartment rents in mostly older units in North Arlington and East Fort Worth have shot up more than 44 percent since 2010.
And rents are up more than 40 percent in Irving and Hurst, Euless and Bedford.
Areas that are seeing lots of apartment construction — including Uptown and Oak Lawn — are actually trailing area-wide rent growth since 2010, RealPage found.
Overall apartment rent growth has slowed dramatically this year as almost 30,000 new units are in the pipeline to open this year and in 2019.
At midyear, Dallas-Fort Worth apartment rents were up only 1 percent from a year earlier.