Two recent reports show that just about the only thing going up faster than new apartment complexes in Dallas-Fort Worth is the rent that tenants are being asked to pay every month.
CBRE, the largest commercial real estate services company in the world, released its 2021 end-of-the-year Multifamily report on Monday. The report shows that there was more investment in new multifamily housing construction in the Dallas-Fort Worth area in 2021 than there was in any other metro area in the country.
Investors poured nearly $28 billion into new apartments here last year, according to CBRE.
In terms of new apartment units opening, Dallas was third in the country, behind New York and Houston, with approximately 15,300 new units becoming available in 2021. Fort Worth ranked 17th in the country, just behind Chicago and just in front of San Antonio, with 6,200 new apartment units opening in 2021.
The same CBRE report shows that rent is rising locally at a rate that is slightly higher than the national average. Monthly rent rose by an average of 13.4% in 2021 in the 69 metro markets that CBRE tracks. Average rent in Dallas grew by 16.5% last year, while average rents rose by 14% in Fort Worth.
A recent report from Rent.com shows rent rising even more drastically in the Dallas area.
It shows that the average rent for a two-bedroom apartment in Dallas is now $2,414 per month, an increase of 31% compared to the same time last year. That is the 10th biggest year-over-year rise for any city in the country, according to Rent.com, and it represents the biggest increase in the state of Texas.