Rent Report

Recapping Fort Worth rent prices in 2018 — and what's ahead

Fort Worth remains an affordable rental market.

Photo by leekris/iStock

Renting in Fort Worth remains an affordable alternative to nearby Dallas — and a steal compared to Texas' other top markets.

The average rent for all apartment units in Fort Worth is $1,030, with one-bedrooms posting at a median $917, and two bedrooms clocking in at $1,124; in Big D, those rates clock in at $1,050 and $1,325, respectively.

The year-over-year price change in Fort Worth is hardly noticeable, as one-bedroom rents have increased by 1 percent, while two-bedroom rents have gone up only 2 percent. Here's a look back at Fort Worth rents this year — and what's to come.

January showed Fort Worth one-bedroom rents at $888. They dipped a little in February but rebounded back to $888 in March. Two-bedrooms began January at $1,122, then dropped slightly in March to $1,117.

One-bedrooms drifted lower during quarter two and ended up at $871 in late May. Two-bedroom units also moved downward from March’s $1,117 to a May figure of $1,104. The slight decline continued in the summer as one-bedroom apartments fell to a median $875, but two-bedroom residences managed to rebound slightly to $1,107.

Looking ahead
There are important factors that drive apartment rents, and, in Texas, energy prices are one such element. The Permian Basin is currently pumping record amounts of West Texas Crude, and as fracking has proven, there is lots more to come. In fact, soon, the United States, led by Texas, will become the world’s No. 1 oil producer. It’s a supply and demand world, and the present oil supply can barely keep up the increased world demand.

This has led to oil prices in the mid-70-dollar range, and any odd event like increased Middle East tensions, a big Gulf storm, or a series of refinery outages can cause oil prices to rise. Healthy oil prices equal a great Texas economy, and that, in turn, will bring more people to Texas, and rents will rise.

Mortgage interest rates have been also trending higher since the Federal Reserve seems to be on an unstoppable course to normalize interest rates. When traditional home mortgage rates climb to over 5 percent, many would-be buyers become renters, as they can only qualify for smaller loan amounts. With more tenant applications, landlords start to feel more comfortable about raising rents.

Of course, a serious economic recession can quickly knock down oil prices and interest rates, but frankly, we don’t see that happening through the end of 2018.

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Elite address

One Texas community makes list of the richest small towns in America

Photo courtesy of Compass

Bunker Hill Village is a coveted address in the Houston area.

An upscale community in Texas is among the top 10 richest towns in America, according to a new 2024 report. The community is Bunker Hill Village in Houston, and it's home to the richest residents in Texas. Sorry, Colonial Hills.

The analysis, by loan provider TitleMax, lists the 50 richest small towns — one from each state — using median household income data from the U.S. Census Bureau. In Bunker Hill Village, the median household income is about $250,000, the report says.

Of course, "small town" is a bit of a misnomer for Bunker Hill Village. Situated 13 miles west of downtown Houston, Bunker Hill joins five other communities – Hunters Creek, HiIlshire, Hedwig, Piney Point, and Spring Valley – to make up Houston's iconic Memorial Villages. In 2023, Bunker Hill was ranked the third-most expensive Houston neighborhood, with homes on the market for upwards of $2.7 million.

Notably, the area is home to Houston's only Frank Lloyd Wright-designed house.

"We are very proud of our quiet, wooded environment, and as a community, we work hard to preserve it for future generations," the city's website says.

The study found that more than half (56.5 percent) of the 1,250-home community make over $200,000 a year, while the enclave's median household income amounts to $247,188.

To put that into perspective, TitleMax revealed that the national median household income is $67,521. The Census Bureau's 2023 American Community Survey estimates the median income of a household in Texas came out to $75,780 in 2023.

Bunker Hill joins the likes of Houston's Bellaire and West University Place as some of the most affluent suburbs in America. The North Texas suburb of Southlake also made it on that list.

The No. 1 slot went to Monte Sereno, a suburb of San Jose, California with a median household income of more than $250,000, according to the report.

"While many people consider cities to be the epicenters of the rich, many retreat to small towns that offer safety, beauty, and privacy," the report's author wrote.

These are the top 10 wealthiest small towns in America, with their median household incomes:

No. 1 – Monte Sereno, California ($250,000-plus)
No. 2 – Cherry Hills Village, Colorado ($250,000-plus)
No. 3 – Mission Hills, Kansas ($250,000-plus)
No. 4 – Short Hills, New Jersey ($250,000-plus)
No. 5 – Scarsdale, New York ($250,000-plus)
No. 6 – Belle Meade, Tennessee ($250,000-plus)
No. 7 – Glencoe, Illinois ($248,851)
No. 8 – Bunker Hill Village, Texas ($247,188)
No. 9 – Clyde Hill, Washington ($238,958)
No. 10 – Chevy Chase Village, Maryland ($238,333)

The full report can be found on titlemax.com.

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