Housing Report

Here's how COVID-19 has impacted the Fort Worth housing market

Fort Worth rents rose more than 1 percent in June.

Courtesy of DART

Fort Worth apartment rent prices seem mostly unaffected by COVID-19 — at least thus far, according to apartment marketplace Abodo.

The site reports that in June, median one-bedroom rents rose a healthy 1.43 percent month-over-month to $1,135, while two-bedroom units gained 1.08 percent in June to $1,410.

Fort Worth's rent trends align with neighboring Dallas, where one- and two-bedroom rents increased 1.28 percent and 0.83 percent, respectively. Houston also reported general rent increases this month, while the typically hot Austin market saw one- and two-bedroom apartment rents fall.

Amid the pandemic, rental markets are seeing some new trends, Abodo says.

Staying put
Social distancing extends to apartment hunting, too, and those that are looking for safety first are just staying home, thus, leasing is slowing down, Abodo states. Many would-be Fort Worth movers do not want to take the chance of COVID-19 exposure, so finding a new place may be put on the back burner, according to the rental site.

Virtual tours
Virtual tours have gained importance amid the stay-home orders, and savvy leasing professionals are hooking up with the many virtual tour platforms available. Some landlords are going the DIY route, while others are using more traditional apartment rental sites. Those moving to digital showings are seeing better traffic, and Abodo expects virtual tours to become a big part of the apartment rental scene even after the pandemic.

Home sales
Tarrant County home sales took a big hit in May, as closed sales fell 28.5 percent. Inventory was down from 2.5 to 2.2 months, days on the market rose by five, and active listings fell by a big 15.2 percent. The median price of a Tarrant County home rose a tiny 0.4 percent to $247,900.

While sales that did occur did not reflect price weakness, real estate agents have seen a definite and quick drop in general action and enthusiasm, according to Abodo. Contributing to the current market conditions is the hesitance of sellers to put their homes on the market due to coronavirus concerns.

Unlike renting an apartment, very few people will commit to buying a home without an in-person visit. Therefore, as much as virtual tours might pave the way for an eventual sale, until COVID-19 is behind us, it is likely that we will see less traffic for sellers, Abodo says.

What’s next
One bright spot for the housing market is that mortgage rates are at historic lows. This means more buying power for Fort Worth home purchasers, and the low rates are helping to offset the otherwise negative pandemic housing effects. However, as the uncertainty of the pandemic continues, Abodo expects the Fort Worth market — for both rentals and sales — to face continued challenges.

rent trends

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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