Dallas-Fort Worth’s Apartment Boom
The Dallas-Fort Worth apartment construction is definitely not suffering because of the down economy. In fact, developers have broken ground on more than 6,100 Dallas-Fort Worth area apartments. This brings the total to 19,217; this is the highest amount in more than eight years. This also moves the Dallas-Fort Worth area to the position of number one in the country in the apartment development market.
Dallas-Fort Worth Apartment Rents Increasing
Even though there is the surge in apartment construction, the percentage of local apartment vacancies in the Dallas-Fort Worth area still remains low. The Dallas-Fort Worth apartment vacancies is at an average of about seven percent. Even average apartment rental rates in the Dallas-Fort Worth area are increasing despite the overbuilding. Renters in these areas can look to spend an average of $752 per month on rent.
Competition for Dallas-Fort Worth Apartments
Some analysts are concerned with the future of the leasing market in the Dallas-Fort Worth area because of the increase that they are seeing in the leasing of single-family homes. More single-family homes seem to be available for lease as their owners and investors are having a hard time selling their properties in the down economy.
Dallas-Fort Worth Apartment Search
Apartment searchers can find the largest concentration of new apartments for lease in the following areas: West Plano, Frisco, Lewisville, and North Fort Worth. The best part about this whole surge in apartment building is as more apartments are built the competition for renters amongst apartment managers will be greater. When competition for renters is greater, the deals available on apartments and rents become better.
If you are interested in easing your pain in the apartment search process, make sure to visit ApartmentSearch.com for the listings of the best deals on rents not only in the Dallas-Fort Worth area but throughout the entire country as well.