No Comments

Insight into the Fort Worth Rental Property Market

Fort Worth Rental Market

Stockyards, rodeos, cowboys, longhorn, and old money. These are just a few of the things for which Fort Worth, Texas is known. But this growing city, which was established in 1849 as an Army outpost for its location on the Trinity River, has so much more to offer—and the nation is taking notice. In fact, Fort Worth together with Dallas, Arlington, and the other suburban areas that comprise the DFW Metroplex, grew more than any other Metropolitan area in the U.S. from July 2011 to July 2012, according to the U.S. Census Bureau.

The Fort Worth Appeal

There are many reasons people move to Fort Worth. The Lone Star State has a somewhat off-putting reputation for being a union-buster that strives for low wages; but according to Forbes, that’s a conception disproved by Fort Worth. Home to major defense contractors like Lockheed Martin and energy-driven high wage opportunities, the city’s growth has been exponential in recent years. And, Forbes predicts the growth to continue over the next five years at a rate of 2.6%.

Yet, while jobs may get people to the area, there is so much about Fort Worth that keeps them there. The cultural scene is definitely one to be had. The Kimball, the Modern, Casa Mañana, and the Fort Worth Children’s Museum are just a few of the attractions making the list. It is also home to some of the finest restaurants, including some of the best steak houses, including: Grace, Eddie V’s, Ruth’s Chris, and Del Frisco’s Double Eagle. And, of course, who wants to come to Fort Worth without a regular visit to the Stockyards for the daily cattle drive, or a walk through historic Billy Bob’s?

The Houston Rental Property Market

The extreme growth of the Metroplex over the past year necessitates the availability of living options, with rentals in high demand, as can be expected. For this reason, the number of apartment completions in the last 12 months has increased significantly. During the third quarter of 2013, MPF Research reports that Fort Worth received 12,873 new units at the same time its annual apartment absorption rose dramatically to 15,934. This accounts for a 0.6 point year-over-year increase in occupancy. With this came a noticeable rise in effective rents of 1.4% in just that quarter—3.4% year-over-year, and the twelfth consecutive quarter of gains.

And it’s expected to only get better. In fact, MPF forecasts an increase in delivered inventory with a total of 14,639 units, which the agency reports to be the second highest in the nation—a 2.2% growth in a year that will bring with it even bigger jumps in rental rates. Is your property ready to handle the influx?

Let the professionals at Class A Management help. We know Fort Worth and can help you ensure your property is positioned to capture the best possible tenants, which allows you to reach (and stay) at occupancy. Call us today at 817-284-1411 or request information by email at info@classamgmt.com.