FORT WORTH (CBSDFW.COM) – While the previously frenetic real estate market has calmed down, the same can’t be said for the rush to find rental housing and properties in North Texas.
Ian Mattingly, President of the Apartment Association of Greater Dallas, said, “We haven’t seen any signs of this in the rental market or the apartment market.”
Instead of a cooling in the rental market, Mattingly says it’s quite the opposite.
He says the lack of available units and a lack of demand for new construction is causing a shortage.
The Apartment Association of Greater Dallas reports that there are some 700,000 rental units in North Texas and they currently have an occupancy rate of around 95%.
The average price for a one-bedroom apartment in North Texas is $ 1,200 per month, which is about an 11% year-over-year increase, according to Mattingly.
The numbers and the trend suggest that apartment hunters will not see any sort of discounts or offers as an incentive to move into a rental,
“Certainly, from an owner’s perspective, we continue to see double-digit growth in major expense items such as property taxes, utilities, city fees, etc. Ultimately, we rely on tenants to accompany us and bear this cost, ”he said. .
Her advice is to start looking early, saying, “If you plan to be able to give notice and find another place to move in a month or so, you might want to do that research now, as we’re considering very tight markets. in much of North Texas.