CBS 11 Header TXA 21 Header MeTV Header KRLD Header The Fan Header
CBS DFW WEATHER APP: iPhone App Store | Android App Coming Soon | More Information

Local

Booming Market Increases Demand For North Texas Apartments

By Ken Molestina
View Comments

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

From Our CBS Music Web Sites

494849761 10 Booming Market Increases Demand For North Texas ApartmentsCelebrating National Underwear Day

465887719 Booming Market Increases Demand For North Texas ApartmentsFacebook Users – Beware The App!

 alt=JLo Shows Off Her Best Assets In New Cover

904255 10 Booming Market Increases Demand For North Texas ApartmentsRemembering Robin Williams

 alt=Musicians Then And Now

Fantasy_tile

VOTE: Best Coaches In American Sports

NORTH TEXAS (CBS 11 NEWS) – The Dallas-Fort Worth area is at the top of the list in the country for what is being described as a booming rental market. A new study released by Carrollton-based Real Page’s research arm, MPF Research, shows last year the DFW area maintained a 94.4-percent occupancy rate throughout all its rental properties.

The spike is chiefly being attributed to more high paying jobs for younger people in North Texas.

Jay Parsons, MPF’s national market analysis manager said, “The apartment market key segment is the folks between the ages of 20 to 34-year-olds, and that segment has grown in DFW by about 8-percent in the past five years.”

Developers are welcoming the apartment rental business boom, but those looking to rent are now left dealing with the headaches associated with hunting for an apartment when supply is low and demand high.

apartments Booming Market Increases Demand For North Texas Apartments

Rick Barrera just moved his energy consulting business to downtown Fort Worth, and is now looking to live in the same area he works.  “Competition is growing and apartment rates are a little higher than normal,” Barrera said about the troubles he is having finding an apartment.

Vue Du Musse, a high-end luxury property in the cultural district of Fort Worth completed their construction late last year, and now they are reporting to be at 97-percent capacity.

Property manager Hazel Roberts said the speed at which Vue Du Musse filled up was unforeseen.  “I expected it to be fast, but no quite so fast and being a mid-rise in this area it takes a lot of strategic planning to get so many people moved in in such a short time frame.”

According to MPF, people are still moving to North Texas. Their researchers say more apartment construction is expected in 2014. MPF says that’s just one sign of the steady economy across the Metroplex.

(©2014 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

Top Trending:

View Comments
Follow

Get every new post delivered to your Inbox.

Join 42,301 other followers