Booming Market Increases Demand For North Texas Apartments
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.
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.
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