A strong Dallas-Fort Worth apartment market may have a negative impact in 2017, according to newly released information from Axiometrics, a Dallas-based apartment and student housing market research firm.
“DFW has been one of the few markets to maintain its strength in the past year as moderation hit the nation as a whole,” said Jay Denton, the firm’s senior vice president of analytics, commenting in a news release.
But the new supply is expected to reach its peak for the current cycle in 2017 as demand in terms of job growth remains steady, Denton said.
“It’s that influx of new construction that could cause rent growth to decrease,” Denton said.
Average rent in the Fort Worth area rose from $962 in November 2015 to $1,017 in the same month this year. Meanwhile, Dallas’ average rent rose from $1,081 to $1,127 in the same period.
November occupancy rates in the Fort Worth-Arlington area stood at 95.4 percent, unchanged from November 2015 to the same month this year. The same period saw occupancy drop slightly in Dallas, from 95.4 percent to 95.0 percent.