D-FW apartment rents were almost flat in July compared to a year earlier.
“The Dallas metro side is at 0.1% and Fort Worth side at minus 0.1%,” Parsons said. “With nearly 73,000 apartment“Demand is still there, but just can’t keep pace with supply in the short term.”After seeing big increases in 2021 and 2022, North Texas apartment rent growth has slowed to a trickle this year.
“The rent trends show that apartment operators continue to prioritize occupancy given the high-supply environment,” Parsons said. “Demand continues to be much improved in 2023 as inflation has cooled and consumer confidence is rebounding. “On a month-over-month basis, asking rents have actually risen in every month so far of 2023,” he said. “And yet year-over-year rent change is cooling quickly because 2023′s increases are so far below 2022′s.”totaled 5,573 units in the most recent quarter — the best performance in more than a year, according to RealPage. Average rents in D-FW inched up to a record $1,549 a month.Just 6.6% of D-FW apartments were vacant at midyear — most of those in newly completed projects.
Dallas-Fort Worth continues to lead the country in apartment building, despite predictions of a construction slowdown.in the first half of 2023 with more than 30,000 units changing hands.Higher housing costs have been the largest contributor to recent U.S. inflation reports. But analysts expect those numbers to decline soon because of a lag in counting rental costs.Nationwide apartment increases were less than 1% in July.
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