Average DFW rent posts biggest annual jump on record via Star-Telegram

The cost of renting an apartment in Dallas-Fort Worth climbed 4.7 percent in 2011, the biggest annual increase on record, and forecasts indicate that rents could rise 5 percent this year, according to a market study released Thursday.

The sharp increase is the result of strong demand from young renters moving to the region for jobs and tighter mortgage lending requirements that prevent many from buying homes, said MPF Research, which did the study.

"Everything is working in the apartment market's favor right now in North Texas," Greg Willett, vice president at MPF Research, said in a statement. "Job formation numbers are solid, particularly for the young adults who tend to be renters, and single-family purchases continue to run below historical norms."

Read more...Average DFW rent posts biggest annual jump on record via Star-Telegram