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Real estate expert discusses rising cost of renting
Record high apartment rents in the DFW area show no signs of easing. Professor Julie Lynch, an associate director of the Weitzman Institute for Real Estate at UT Dallas talks to Good Day about the shocking figure. Average rental rates are up 16 percent from last November to this November.
DALLAS - Apartments are in high demand and prices reflect that.
Real Page, a Richardson company that analyzes the business, reported the average rent for a one-bedroom apartment in the Dallas-Fort Worth area is now $1,400 a month.
That’s up 16% from this time last year.
New apartment complexes are being built but cannot keep up with the growth in North Texas.
"Dallas has had the largest increase in population out of the whole country over the last decade and so the demand for apartments and has been very strong. We’re at record occupancy levels at 96.5%" said Julie Lynch, the associate director of the Weitzman Institute of Real Estate at the University of Texas in Dallas.
There is a glimmer of hope heading into next year.
Lynch said she anticipates a slowdown in the increase of hyperinflated property values, which will slow down rising real estate taxes.
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