BISNOW (NOVEMBER 8, 2018) – Dallas and Fort Worth are acting surprisingly differently in apartment rent growth these days, with Fort Worth clocking a healthy 3.1% rent growth to Dallas’ sluggish 1.3% rent growth, according to third-quarter multifamily statistics from RealPage.
“It’s unusual for the performance patterns to be this far apart,” RealPage Chief Economist Greg Willett said.
“The two metros normally move pretty closely together, and it really just reflects the large block of construction on the Dallas side.” With many Dallas metro projects in the lease-up stage, it is difficult to push rents at the top end of the multifamily sector, which also impacts asking rents for more affordable apartments, he said. Over the past year (Q3 2017 through Q3 2018), 25,500 units were delivered across Dallas-Fort Worth with the bulk of those — 21,734 — in metro Dallas, according to RealPage statistics.
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