04 Oct Rent increases slowing for Apartment Renters
North Texas apartment residents will be happy to hear that rent increases are moderating after several years of steep gains.
Apartment rents were about 3 percent higher in the third quarter compared to the same period a year ago, analysts at RealPage Inc. said Tuesday.
That’s half the annual rent hikes from the 6 percent jumps the Dallas-Fort Worth area saw in 2015 and 2016.
“The performance appears to be moving back toward the long-term norm. That pattern is seen most clearly in the slowing rent growth pace, but there’s also a little decline in occupancy and in building activity,” said RealPage’s top economist Greg Willett. “While the big block of expensive new completions moving through initial leasing is a key factor in the slowing pace of rent growth, there’s some moderation in rent increases at all product price points.”
Willett said some areas that have seen significant recent apartment building are seeing no rent gains this year.
And rents have actually declined slightly from a year ago in Oak Lawn and northern Dallas suburbs – including Plano, Frisco, McKinney and Allen, according to RealPage.
Average D-FW apartment rents were at $1,094 at the end of the third quarter – still a record high.
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