With the housing crisis in DFW, you may be considering renting for a couple years before buying a house. Maybe you want to wait and see if the housing market will eventually cool off. If you do want to get into an apartment, now is as good a time as ever.
Today, we’re going to take a look at the state of apartments in DFW and what landlords usually look for in a tenant.
Contents:
more apartments than ever
Over the last five years, the amount of construction permits to build new apartments has gone up by 50%. In the first half of 2022 alone, we have seen 685 permits to build new multi-family housing complexes. That is more permits than in the entire year of 2021. Fort Worth is approving and building apartment complexes at an unprecedented rate.
In the last 3 years, the number of apartments built in DFW has either matched or been greater than the number of new houses being built. It makes sense because, during that time, we have seen an insane influx of people moving to Dallas-Fort Worth. Corporate relocation is one of the major causes of this migration to DFW and some experts believe that this will continue to affect the area for years to come.
Because of this, it makes sense to build efficient housing. Apartment complexes are really good at holding a lot of people in a relatively small amount of space.
fort worth's concern
Fort Worth city council has voiced their concern with the shift towards focusing on apartments over new homes. A lot of this concern is driven by their own plans for multi-family complexes near job centers.
The city had been planning for more apartment complexes in job centers where they are certainly needed. The problem is that apartments are being built all across the city because it is so expensive to build near those job centers. The city is fine with building the appropriate housing where it is needed, but they do not want it to spread out from there. They don’t want apartments to choke out the residential areas.
Another concern is that more apartments could affect the culture in Fort Worth. We’re quite proud of our culture here. We love our city. I think there’s a significant chance that the population density that comes with a large number of apartment complexes across the city could impact the culture in Fort Worth. It’s entirely possible that Fort Worth could become more similar to Dallas with this increase in density.
Many Fort Worth locals would tell you that we really do not want that.
rethinking apartments
In my opinion, this could be a really cool opportunity to rethink apartments and the way they’re designed.
When I think of apartments, I think of a space where no one really knows anybody despite all living together with a lot of people coming in and out. What if you created a space where there was more of a focus on community?
The design could implement more gathering areas like parks or game rooms and other things that emphasize community and getting to know each other. Of course, there are some apartments that do these things, but I feel like I don’t see them very often.
This could potentially allow for more housing while maintaining a somewhat residential feel. There would have to be some people much more knowledgeable than me designing these apartments, but I think it’s a cool idea.
the price of rent in fort worth
As of the time this was written, the average cost of rent in Fort Worth is around $1400 per month for a one-bedroom apartment. Some apartments are closer to $2000 per month for a one-bedroom depending on the area.
Of course, this can vary pretty significantly depending on both the location and the amenities offered.
how to get into a rental
The rental market is competitive, much like the housing market. Whether you’re looking for an apartment or a rental property, you really need to be able to impress the landlord to get in.
There are typically 3 things that landlords will look for when considering new tenants.
Credit Score
Eviction History
High income
Credit score is the first thing that many landlords look at. I would say that typically, most landlords require a score over 600 or 650. That being said, I do know some landlords who will consider lower scores if there is some understandable circumstance like a major car accident or hospital bills dropping your rate. Generally speaking, the higher the credit score, the better.
They also look to see if there is any history of evictions. Of course, they always like to see no evictions because an eviction can be a major red flag for a variety of reasons.
Finally, most landlords want to see a gross income of at least three times the monthly rent. They basically want to make sure that their tenant is going to be able to pay the rent on time every month. If a tenant is making three times the monthly rent every month, the odds are significantly higher that they will pay rent on time.
conclusion
With the intense housing market competition in Dallas and Fort Worth, many people have started looking towards renting. If you want to find a place to rent, these are the things that landlords are going to be looking for.
If you have any questions, want to know more, or would like to buy or sell a property, don’t hesitate to call the number on our website. We would love to help you with all your real estate needs.
Follow us on social media to stay up to date with all of our content, including clips from our weekly podcast where we talk about everything real estate, investing, and Dallas-Fort Worth.
