Apartment rents in Dallas-Fort Worth declined for a third consecutive month to fall below $1,500, according to a report released Friday from ApartmentData.com.
The average rent of $1,497 ranks second among the state’s four biggest metro areas, trailing Austin ($1,632) and well ahead of Houston ($1,250) and San Antonio ($1,209).
The decline follows a national trend. Apartment List’s National Rent Report said its index fell by 1% in November, the third straight drop and the largest since the index began in 2017.
“The timing of the recent cooldown in the rental market is consistent with the typical seasonal trend, but its magnitude has been notably sharper than what we’ve seen in the past, suggesting that the recent swing to falling rents is reflective of a broader shift in market conditions beyond seasonality alone,” Apartment List said in its rent report, which found declines in 93 of the nation’s 100 biggest cities in October.
The ApartmentData report said 21,032 units opened in DFW in the past 12 months and another 19,000 are under construction.
DFW’s occupancy of 92.4% is the highest among the four metros but it has been declining since October 2021.
“It’s likely that rents will decline further in the months ahead, as rental market activity continues to slow during the winter months,” the Apartment List report said.