Rent prices are on the decline in Fort Worth, according to this report
Earlier this month, Abodo Apartments released its October rent report, sharing rental price trends from September to October. As the fourth quarter in business begins for real estate companies, Abodo examined the trends in the Fort Worth rental market to take a close look at how it stacks up against the rest of the country.
Here are the findings:
- Rent prices in Fort Worth decreased from July to the end of September by 3.76 percent.
- The median price of a one-bedroom apartment in Fort Worth in July was $910.
- The median rent price of a one-bedroom apartment in Fort Worth as of the end of September was $877.
- The median rent price of a two-bedroom apartment in Fort Worth as of the end of September was $1,037.
- Fort Worth ranks as the 49th most expensive rental market in the country.
What does this tell us about the Fort Worth rental market? The population is booming in the city, so typically we should be seeing an increase in price as demand for rental units increases. But that was not the case in Fort Worth last quarter.
The reason for this is the massive investment in developing new apartments in the Fort Worth area. North Texas’ population is growing extremely fast, but as for now, they’re keeping pace with the demand for new apartments by bringing so many new units to market. City officials have said that with the completion of so many new developments, they, too, expect rental rates to slow and to continue to decline slightly, and apartment occupancy may dip, as well.
If Fort Worth can continue to bring new apartments to market, rents should continue to remain stable.
To gather this data, Abodo aggregates and analyzes data from the millions of verified listings on abodo.com. Each listing is paired with a five-digit ZIP code. Within each ZIP code, Abodo calculates the average price of one-bedroom apartments that are currently available for rent within a specified time period.