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09/28/2011

North Texas apartment rents on the rise, study says

Star-Telegram's Sandra Baker is reporting this today:

North Texas apartment dwellers can expect to pay higher rents in the coming months as occupancy begins to tighten, a new study finds.

Rents rose 2 percent between July and September, driving rents up 4 percent at the end of September compared to September 2010, said MPF Research, a division of RealPage Inc. Average monthly rent is now $802.

During the past year, rents rose 5.7 percent at communities built during the 1990s, where the average monthly rent is $959, and 4.9 percent at communities built since 2000, where average rents stand at $1,063, the study finds.

"Substantial rent growth at the top of the market reflects that vacancies in that product category are few and far between," said Greg Willett, MPF Research vice president.

Occupancy is at 96.1 percent in properties from the 1990s and 94.2 percent in the 2000s-generation stock, he said. Overall occupancy in Dallas-Fort Worth is 92.9 percent, up 0.2 percentage points since June and 1.4 points ahead of the year-ago rate.

Willett said Dallas-Fort Worth apartment rents could go up another 4.4 percent during the next 12 months.

"The substantial rent growth occurring in the North Texas apartment market looks sustainable over the near term," he said.

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Why North Texas? Who wants to live there? I certainly don't...

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