Fort Worth apartment rents on the rise amid COVID-19, says new report
The pandemic has not put much of dent in Texas rental demand, according to new data from Abodo.
The online apartment marketplace says Texas' median one-bedroom apartment rent fell just $7 from April to June 2020, down to $1,012 from $1,019. Conversely, national one-bedroom median rents rose about 1 percent, growing slightly from $1,088 in April to $1,097 in June.
Fort Worth follows the national trend, with the one- and two-bedroom rates rising in Q2. One-bedroom units rose $34, from a median price of $1,101 in April to $1,135 in June. Meanwhile, two-bedroom rates increased more dramatically, from $1,224 in April to $1,410 in June. That’s a healthy 13.2 percent jump, showing the Fort Worth residential rental market has stayed buoyant during the COVID-19 pandemic, Abodo says.
As a whole, the Texas residential rental market remains steady for several reasons:
- Amid the pandemic, many people are staying put and have put off moving plans for now.
- Some residents have had to sell homes they could no longer afford and have therefore entered the rental market.
- Landlords are reluctant to raise rents when collecting rent during COVID-19 can be an issue.
- Some new apartment developments have slowed or paused construction.
Overall, property managers and landlords are facing a new normal of life, specifically in this virtual world during the COVID-19 pandemic. But North Texas rental markets have maintained stability through these unprecedented times, with decreases in supply offsetting any instances of falling demand.
Abodo expects this trend to continue and predicts continued a steady North Texas rental market in the coming months.