Home News Dallas-area apartment renters are getting clobbered with big increases

Dallas-area apartment renters are getting clobbered with big increases

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While there are signs that the North Texas apartment rental market is cooling, the Dallas area posted one of the biggest rent gains in the country in September.

According to a new report from Yardi Systems, the Dallas area saw the fourth-largest rent increase among major metros, up about 12% year-over-year.

Analysts in the company’s multifamily research division said in a report in September that rents here are likely to rise another 10.8% over the next year.

“Multifamily rents flattened out in September as the market continues to slow along with the rest of the economy,” the report said. “The average asking rent across the country was $1,718 for him, the same as in August.

“Year-on-year rent growth fell by more than 1 percentage point for the third straight month.”

Dallas-Fort Worth is one of the metropolitan areas where rents have risen significantly despite a dramatic decline in rental properties.

D-FW Saw Negative net for rental apartments It was the first quarterly decline in more than five years, according to Richardson-based RealPage.

Apartment rents across the D-FW area averaged $1,540 in Q3, up 13.4% from a year ago.

Reese’s slowdown wasn’t just in North Texas.

RealPage reports According to RealPage economist Jay Parsons, “This is the first time in the 30 years RealPage has tracked US apartment demand that negative demand has been recorded in the third quarter.” “Negative demand means more renters are moving out of apartments than moving in.”

RealPage analysts believe rising rents, overall inflation and economic uncertainty are responsible for the decline in leasing.

“However, low unemployment and strong income growth remain tailwinds, as do favorable demographics,” Parsons said in the report.

RealPage expects D-FW apartment rent growth to slow year over year in the coming months.

Apartment rentals slowed in the third quarter, but construction of new rental units at D-FW 63,000 apartments in progress. Found RealPage.

According to a new study by Florida Atlantic University and two other schools, the biggest rent increases are in the Sun Belt and West. The Arizona, North Carolina, Tennessee, Texas and Utah markets saw the biggest gains.

“In areas across the country where demand is outstripping supply, renters are seeing near-record premiums and year-over-year increases in demand,” said Ken Johnson, an economist at Florida Atlantic University’s School of Business, in a statement. Rents are relatively stable in markets where supply and demand are balanced.”

The study, which includes both rental apartments and single-family homes, estimated that average rent in the Dallas area topped $1,881 in August. This is an increase of approximately 13.5% over the previous year.

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