Even with a drop in leasing activity in recent months, renters faced tight conditions in the Dallas-Fort Worth apartment market this year.
In a new report, apartment search service RentCafe and Yardi Systems ranked Texas apartment markets using a competitiveness score that factors in vacancy, occupancy, the number of prospective renters looking at each apartment, renewals and new construction.
El Paso ranked as the most competitive rental market in Texas. More than 96% of apartments there were occupied this year, and very few new rentals were built, according to RentCafe. The local rental supply there increased by only 0.7%, and more than 60% of renters decided to renew their leases. Rental rates will likely continue to rise but not nearly to the same level seen this year, said Greg Willett, a Dallas-based housing analyst with Institutional Property Advisors, a division of Marcus & Millichap.
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