Is your Fort Worth rent going up? You’re not alone. Here’s what the numbers say.
Rent in Fort Worth may still be cheaper than San Francisco or Los Angeles, but new data shows the city continues to become less affordable for tenants.
Would-be homebuyers who got jilted by the competitive pandemic housing market are sticking with renting, pushing up prices.
“There’s an increased demand for apartments,” said Brian Carberry, managing editor at Rent., which operates a suite of listing sites and marketing solutions. “And there’s not enough inventory to support demand.”
As a result, prices surged in the last year.
Average rent in Fort Worth as of September has increased across most categories, though at a steeper pace depending on size and location. This data was last updated Sept. 8:
- Studios: $1,371, up 10%
- One-bedrooms: $1,270, up 7%
- Two-bedrooms: $1,708, up 15%
- Three-bedrooms: $1,600, down 3%
Rents for one-bedroom apartments have risen the steepest in the area that Rent. calls Van Zandt Park, in the Cultural District, where one-bedroom units cost on average $1,645 a month. That’s an increase of 20% in the last year.
Rents are also up steeply in Far North Fort Worth, where a one-bedroom apartment costs on average $1,747 a month, an annual increase of 14%
As the housing market has started to level out after two brutal years, the rental market is expected to do the same, said Carberry.
But in a high-growth area like the Dallas-Fort Worth metroplex, the stabilization of the market may be more localized.
“You’re going to find wide gaps, wide fluctuations,” between certain sections of the metroplex due to the influx of people, Carberry said.
While new units coming online in the urban core will help relieve the pressure caused by low apartment inventory, many of these units are part of mixed-use luxury developments and will thus be priced competitively.
This story was originally published September 9, 2022 at 2:22 PM.
