Employment gains and population growth in North Texas are fueling a rush to rent. And some residents who would have bought houses a few years ago are now settling for an apartment.
Apartment building activity in the D-FW area has almost quadrupled since the fourth quarter of 2010. Since early 2010, net apartment occupancy in North Texas has increased by almost 50,000 units. Fifty-eight apartment projects with 14,832 units are under construction in North Texas and the average size of the projects is 256 units in a four-story building. Average apartment rents in the D-FW area have risen almost 20 percent since early 2003. Area rents averaged a record high at $853 per month in the fourth quarter of 2012.
Source: Dallas News.Com