DALLAS – Apartments are in high demand and the prices reflect this.
Real Page, a Richardson-based company that analyzes the business, said the average rent for a one-bedroom apartment in the Dallas-Fort Worth area is now $ 1,400 per month.
This is an increase of 16% compared to the same period last year.
New apartment complexes are being built but cannot keep up with the growth in North Texas.
“Dallas has seen the biggest increase in population in the entire country in the last decade, so the demand for apartments has been very strong. We are achieving record occupancy rates of 96.5%, ”said Julie Lynch, associate director of the Weitzman Institute of Real Estate at the University of Texas at Dallas.
There is a silver lining for next year.
Lynch said she expects the rise in hypergonated real estate values to slow, which would slow the rise in property taxes.
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