DFW Outperforming U.S. In Multifamily Rent Increases
Multifamily rents are declining sharply across the U.S., but the tale is utterly different in Dallas-Fort Worth.
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Read more at: https://www.bisnow.com/preview_story/87937?utm_source=CopyShare&utm_medium=Browser
Read more at: https://www.bisnow.com/preview_story/87937?utm_source=CopyShare&utm_medium=Browser
Abodo began recording a drop in one-bedroom apartment rents across the country in February, and the rent decline accelerated in April. The U.S. average is now $1,015/month for a one-bedroom unit.
But rents in Fort Worth went up 4.6% in April to $1,067/month for a one-bedroom apartment, the second-largest rent increase in the country. Denton was sixth with a 3.9% increase to $914, and Dallas took the 10th spot with a 2.5% increase to $1,197.
This is a dramatic turnaround from seven months ago, when Dallas was in the top 10 for rent decreases. The metro has been a national leader in development, which was wearing on fundamentals.
The increase may be temporary.
"In Dallas specifically, many homeowners will choose to purchase in the winter months," Abodo Senior Communications Manager Sam Radbil said. "So, during the summer when the heat strikes, many new residents will choose a rental until home prices come back to more normal levels in the colder months."
Dayton, Ohio, is leading the country in one-bedroom rent bumps, with a 7.6% jump in April to $750, Abodo reports.
Denton and Dallas also made the top 10 list for two-bedroom units, with 2.8% and 2.3% increases, respectively. Houston took top billing in this category.
