Dallas News - Steve Brown - 18 Oct 2017
Dallas-Fort Worth apartment rent increases slowed to a crawl in September.
Average D-FW area rents were up 1.9 percent from September 2016. That's just a third of average annual rent gains in the last few years, according to a report from Richardson-based Axiometrics.
Dallas-area rents averaged $1,151 last month, and in Fort Worth the average was $1,052. North Texas rents remain well below the national average of $1,293, according to the apartment analyst.
North Texas apartment rent increases have moderated this year as thousands of new units have opened their doors.
"While job growth has decreased, it is still strong. The amount of new supply coming into Dallas has accelerated a cyclical downturn," Axiometrics' Jay Denton said in the report. "For managers of all these new buildings to try to attract new residents, they have to lower the rent, increase concessions, or both."
More than 23,000 new apartments are opening up in D-FW this year — one of the highest apartment completion totals in the country.
Even with the flood of new units, D-FW apartment vacancies remain near 5 percent. More than 40,000 apartments are under construction in North Texas.