Rent Report

Fort Worth rental market follows Texas trend, says new report

Fort Worth's market was fairly mild in 2017.

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In a year plagued with political turmoil and natural disasters, rent prices weren’t spared from turbulence. A recent rent report by apartment listing service Abodo found that, despite a few months of stability, even decreases early on, national rents took a sharp turn upward by the year’s end.

In 2017, one-bedroom rents around the country rose an average of 0.2 percent a month, for a total increase of 2.4 percent by December. Rents for two-bedroom apartments rose even more quickly, up 3 percent throughout the year. In both cases, the bulk of the rent hikes came in the final three months of the year.

In Fort Worth, however, the prices largely followed the seasons, with decreases in cooler months and increases with the heat of summer. One-bedrooms in Fort Worth dropped from $840 in January to $796 by April. But those consistent drops were followed by a summer boom: In June, rent jumped 4.4 percent, followed by a 5.4 percent increase in July, and another 2.9 percent increase in August, before cooling off for the rest of the year — just as the market nationwide was heating up. Nearby Dallas followed the same arc of early year decreases and a hot summer market, but a month earlier.

Fort Worth’s mixed bag of rises and falls averages to a monthly increase of 0.6 percent. By December, the median rent for a one-bedroom apartment in Fort Worth was $903, just over $60 more than January’s rent. Compared with the rest of the state, Fort Worth’s market is fairly mild. The city’s rent hikes outpaced only three other Texas cities: Apartments in Arlington increased by an average of 0.5 percent a month, those in Irving by 0.4 percent, and Austin by 0.3 percent.

Dallas is a different story. One-bedroom rents were $1,190, the highest in Texas. The lowest rents in Texas — and the fifth lowest in the country — were for Lubbock apartments, where a one-bedroom was a monthly average of $580. And that low rent is trending further down, at an average pace of 1.4 percent per month.

All told, Texas rents increased at an average of 0.5 percent per month, making it one of 28 states nationwide to feel an increase in 2017.

Heading into the new year, 2018 is already shaping up differently than the start of 2017. Although early last year held good news for Fort Worth renters, January 2018 came with 3.1 percent higher rents for one-bedrooms.

For more on where rents are rising and falling the fastest, visit Abodo’s 2017 Annual Rent Report.

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T-Shirt News

Fort Worth clothing brand Dickies to relocate HQ to California

Dickies

Dickies T-shirt

After more than a century, workwear clothing brand Dickies is leaving Fort Worth for new headquarters on the West Coast. It will be moving from its current space at 500 Taylor St., at the top floor of The Tower, to California, with an estimated completion date of late spring 2025.

The company is relocating to Costa Mesa, home of its parent VF Corp, the footwear and apparel firm that owns brands such as Vans, The North Face, Timberland, Jansport, and Eastpak; VF Corp acquired Dickies in 2017.

"By co-locating Dickies with our Vans team in Costa Mesa, we will create an even more vibrant campus where creativity and best practice sharing can thrive through greater collaboration and connections – creating a dynamic and innovative environment similar to our other VF co-branded offices," says a Dickies representative in a statement, according to NBC 5.

According to Dickies, about 120 employees at the headquarters will be affected, but not those working at the local distribution facility, warehouses, and stores.

"We are deeply grateful for our Dickies associates’ dedication and hard work and want to recognize the camaraderie and commitment they have shown to the brand," the Dickies representative said in a statement. "Our priority is to ensure that everyone is treated with respect and care throughout this process. We will provide resources and assistance to help them navigate the next steps in their careers."

Fort Worth Mayor Mattie Parker chimed in on the relocation decision, stating that it's an example of a Fort Worth success story.

"While we understand companies are sometimes forced to make difficult budget decisions under new leadership, we think VFC will find – as others have – that Fort Worth, Texas is ultimately a more competitive place to do business,” Parker said in a statement.

Established in Fort Worth in 1922, Dickies brand impact, which was first founded by C.N. Williamson and E.E. "Colonel" Dickie, will still be felt, even after it leaves the city: In 2017, it gained naming rights to the 14,000 square-foot Dickies Arena next to the Will Rogers Memorial Center, and later opened in 2019.

According to the company, the California move will be managed over an "extended transition period." It's expected to be completed by May 2025.

"While this was a tough call, we are confident this change will help us revitalize Dickies so we can carry on the brand’s heritage for years to come," said the company representative.

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