Dallas-Fort Worth apartment renters who've been pining for a slowdown in rent increases are going to have to keep waiting. Despite near-record building activity, apartment landlords continue to dial up monthly rents in the area. During the second quarter, average D-FW apartment rents hit a new high of $1,082 a month, according to the latest data from Richardson-based RealPage. That's a whopping 50 percent more than apartment renters had to fork out to keep a roof over their heads 10 years ago. In North Texas, rents were up more than 5 percent from mid-2016. By comparison, nationwide apartment costs rose an average 3.6 percent during the same period. With more than 50,000 apartments under construction in the D-FW area, industry analysts have been forecasting for over a year that tenants wouldn't be getting smacked as hard with rent rises. But with net leasing of apartments still outpacing new project openings, apartment owners aren't shy about asking for higher rents. "The strongest rent growth, in North Arlington, was 9.1 percent," said RealPage chief economist Greg Willett. "There are a bunch of neighborhoods that are seeing annual rent increases in the 7 to 8 percent range." The neighborhoods with the greatest new supplies of apartments are seeing smaller rent hikes.
- Dallas Morning News, June 30, 2017