FORT WORTH (CBSDFW.COM) – While the previously frenzied real estate market has calmed down, the same cannot be said for the rush to find rental units and properties across North Texas.
Ian Mattingly, the president of the Apartment Association of Greater Dallas said, “We have seen no sign of that in the rental market or the apartment market.”
Instead of a cool-down in the rental market, Mattingly says it’s quite the opposite.
He says lack of available units, and a demand for new construction that isn’t keeping up, are leading to a shortage.
The Apartment Association of Greater Dallas reports there are some 700,000 rental units in North Texas and they are currently at about a 95% occupancy rate.
The average price for a 1-bedroom apartment in North Texas is $1,200 a month, which represents a year to year increase of about 11%, according to Mattingly.
The figures and the trend suggest apartment hunters will not be seeing any kind of discount, or deals as incentives to move into a rental,
“Certainly from the property owners perspective we are continuing to see double-digit growth in major expense line items like property taxes utilities, city fees, etc. Ultimately, we are relying on renters to come along side and bare that cost,” he said.
His advice is start searching early, saying, “If you’re expecting to be able to give notice and find another place to move in a month or so, you might want to do that search starting now because we are looking at very tight markets throughout much of North Texas.”