Dallas sets record for average monthly rate (7/22/16)
By Steve Brown
Dallas-area apartment renters can't catch a break.
They are on average paying about $60 a month more than they were a year ago and there is no sign of a rent slowdown.
Apartment analyst Axiometrics says that average Dallas-area rents in June were $1,129 - an all time high.
That represents a 5.5 percent rent hike from June 2015.
"Dallas rent growth has been 5 percent or higher for 20 straight months," Axiometrics said.
The cost of renting a roof over your head is a little lower in the Fort Worth area, averaging $1,011 in June.
But Fort Worth apartment rents are rising faster - up 6.9 percent from a year ago, according to Axiometrics.
Even with huge construction volumes, few apartments are vacant in North Texas.
At midyear Dallas-Fort Worth-area apartments were 95.7 percent occupied.
More than 50,000 apartments are now being built in North Texas - the largest construction volume in more than 30 years.
Axiometrics is forecasting that D-FW apartment rents will continue to rise - up by more than 3 percent in the next year on top of recent increases. http://www.dallasnews.com/business/headlines/20160722-info-for-your-next-rent-rant-dallas-sets-record-for-average-monthly-rate.ece