Rent Expected To Rise In DFW Through 2022
FORT WORTH (CBSDFW.COM) - The DFW region is among the areas across the country seeing a spike in apartment rent.
Researchers with rent.com have recently published new data showing the trend of high apartment rental rates will continue throughout 2022.
Brian Carberry, the Senior Managing Editor there, said the challenges stem from supply and demand issues.
"Really we are seeing a supply and demand issue that is driving a lot of these rent prices," Carberry said. "Occupancy rates are at an all time. A lot of people are in units so that means there are not a lot of vacancies out there."
DFW apartment rates for 1-bedroom apartments are at about $1,700 a month on average, he said.
According to rent.com data, that's a 21% increase year over year, but it is on par with the kind of spikes being seen across the country.
The real drastic increase is seen in 2-bedroom rentals which are averaging $2,400 a month which he explained is 31% higher year over year, Carberry said.
"If you look at some of the surrounding cities to the Dallas area, talking Arlington, Fort Worth, some of the northern suburban cities are seeing trends very comparable," he said.
The trend is being seen in all pockets of the Metroplex.
Adding to the supply and demand pinch is also the large amount of people who tried to buy a home last year, but were unsuccessful because of how frenzied the market was.
Carberry said those people who would be living in homes they own unfortunately were forced right back into renting.
"I think a lot of people are renting right now because they have been either priced out of the housing market or there just isn't enough inventory where they want to buy," he said.
Researcher say the high rental rate trend could cool off come the summer months as vacancies become available when people typically move.