Renting an apartment in North Texas last year became an expensive proposition, reaching an all-time high, according to a market report Monday.
Rents rose 4.9 percent in 2014 and now the average monthly rent for an apartment in Dallas-Fort Worth is $919, said MPF Research in Dallas.
“Annual increases above 4 percent are rare in this market,” said Greg Willett, an MPF Research vice president. “Because we’re such a construction hot spot, the flow of new product moving through initial lease-up normally holds rent growth below the national norm.”
Locally, however, renters were leasing up units almost as fast as they came on the market, Willett said. Renters leased 15,226 units during 2014, when 15,575 units were completed, making North Texas the strongest market nationwide.
The new supply total was the country’s second biggest, behind the 18,955 apartments brought to market in Washington, D.C., MPF said.
Year-end occupancy across the market was 94.7 percent, which is a 13-year peak, the research firm said.
MPF Research forecasts a strong apartment market in 2015, but occupancy and rent growth could begin to slow. Currently, 30,196 apartment units are under construction, with about 22,000 of those units becoming available this year. Rents may rise about 3.6 percent, MPF said.
Rents in Uptown, downtown and the Oak Lawn areas of Dallas are among the highest, averaging as much as $1,800 monthly, MPF said.
Sandra Baker, 817-390-7727