As demand for housing in the DFW region continues to progress, regional occupancy rates are better than ever! In fact, thanks to the thriving economy of North Texas, over 50,000 new (primarily luxury) apartments have recently been created, and are very likely to be absorbed.
Despite the emphasis on new luxury (Class A) apartments, it is actually the middle market (Class B and C) apartments that are seeing rental increases. While property owners of Class A apartments charge an average of $1,406 per month, Class B and C apartments are charging an average of $1,023 and $793. Needless to say, the$350-$600 rent difference between luxury and middle market apartments is shocking at best. Thus, the considerable price disparity forces many households to remain in the middle market, giving landlords the opportunity to raise their rates. In fact, as the demand for housing advances, it is likely that rental rates will continue to climb.
The Paskin Group is well-represented in the DFW area, and will continue to put its expertise in this market to good use for investors.
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