The recent Apartment List July 2024 Rent Report shows Fort Worth's median rent at $1,386. This number has stayed the same since last month, but it's down by 3.1% from last year1. Ranked as the 59th priciest city in the U.S., Fort Worth provides an affordable living space1. Rent increased by only 1.1% in the first half of 2024, putting it well below the national growth rate1. This slow rise in rent makes Fort Worth's market great for people looking for homes. For more information, check out the Fort Worth rent report1.
Key Takeaways
- Fort Worth's median rent is $1,386, unchanged month-over-month but decreased by 3.1% year-over-year1.
- Fort Worth ranks as the 59th most expensive large city in the U.S1..
- The rent growth in Fort Worth for the first half of 2024 is only 1.1%, well below the national average1.
- The median rent for a one-bedroom apartment in Fort Worth is $1,183 and $1,366 for a two-bedroom unit1.
- Detailed rent trends and insights can be found in the full report1.
Current Median Rent Prices in Fort Worth
Knowing the current median rent prices in Fort Worth is key for renters and investors. It shows the cost of living in the area. This info helps understand what housing costs for different sized apartments.
1-Bedroom Apartments
The median rent for a one-bedroom apartment in Fort Worth is $1,183. This makes the city more affordable than the wider Dallas metro area, with a median rent of $1,4822. Rent for these apartments in Fort Worth has gone up by 37.23% over the year, showing high demand3. The month-to-month rise is only 2.63%, which means rents have been pretty stable lately2.
2-Bedroom Apartments
Looking for more room? The median rent for two-bedroom apartments in Fort Worth is $1,366. This price is good compared to the Dallas metro, where it's about $1,4822. The past year has seen a 40.55% increase in rent for two-bedroom places, again indicating strong demand3. The rise month-to-month has been 9.08%, showing a steady increase3.
Even with these jumps in price, Fort Worth is still a good deal. It offers better median rent prices for both one and two-bedroom apartments compared to the Dallas metro area43.
Year-Over-Year Rent Trends in Fort Worth
Rent prices in Fort Worth have changed a lot over the last year. We've seen a decrease of 3.1% in rent, which is a big change from the steady increases before1.
Monthly Comparison
This month, Fort Worth's rents went up slightly by 0.2%, according to rent trend analysis. This small rise hints at stabilizing rent prices despite a general drop over the year5. In contrast, the whole country saw an average rent increase of $37 from last year, showing a different trend nationally5.
Annual Growth Rate
Fort Worth's rent growth has slowed down a lot this year. From January to June 2024, the growth was only 1.1%. That's much less than the 2.0% increase seen from January to June 20231. This places Fort Worth 71st among large U.S. cities for rent growth, showing the market is cooling down1.
Fort Worth's Cost of Living Compared to the National Average
Fort Worth's cost of living draws attention for being affordable, especially compared to other Texas cities. It's slightly above the national average. However, costs can vary widely here.
Goods & Services
In Fort Worth, goods and services cost about 1% less than the national average. This makes essential items and daily needs more affordable for residents.
Housing
Fort Worth housing affordability stands out. The housing market index is 83.1. This means it's 16% cheaper than the national average, making it appealing to buyers6.
The average rent here is $1,443. That's below the US average of $1,718. This makes it easier for families to find good homes without straining their budget4.
The median home price is $306,700. While significant, it's manageable due to the lower overall living costs4.
Health
Healthcare in Fort Worth is 4.3% cheaper than the national average6. It's also less expensive than other Texas areas. This helps keep living costs down in the city4.
Transportation
Transportation costs offer a different story. Though the index is 93.1—6.9% below the national average, it's pricier than in other Texan cities6. Transportation is key for budgeting in Fort Worth.
The average yearly cost for car insurance is $1,8236. It's a major expense for residents.
For a closer look at these costs, visit the complete guide. It details the cost of living in Fort Worth, comparing it to the national average and highlighting local affordability6.
Comparison with Other Major Cities in Texas
Looking at the cost of living in different Texas cities shows some clear differences. Fort Worth, Dallas, Austin, and Houston each have their unique financial scenes. This info is very helpful for anyone thinking of renting or buying a home there.
Dallas vs. Fort Worth
The rent in Dallas and Fort Worth doesn't match up. For a 2-bedroom, Dallas asks for $1,476, while Fort Worth wants $1,3667. Also, owning a home in Dallas means paying $593 more each month than renting. In contrast, in Fort Worth, the extra cost is just $5417. It's clear, Fort Worth is more budget-friendly for both renters and buyers.
Austin vs. Fort Worth
Living costs in Austin compared to Fort Worth also show a big gap. Austin's rent for a two-bedroom place is about $1,305, which actually is less than Fort Worth's $1,3668. Yet, buying a home in Austin is far pricier, with an extra $2,335 monthly over renting. This goes way beyond Fort Worth's $541 extra for home buying7. Austin has higher living costs, putting Fort Worth in a more appealing financial position.
Houston vs. Fort Worth
Renting in Houston offers a different scenario than in Fort Worth. Houston's average two-bedroom rent is $1,147, coming in under Fort Worth's $1,3668. But, to buy a house in Houston, you'll spend an additional $341 each month over rent. This is less than Fort Worth's home buying extra of $5417. These numbers give a solid comparison for those weighing their city living options in Texas.
Factors Affecting Rent Prices in Fort Worth
Rent prices in Fort Worth are shaped by several factors. These include the popularity of certain areas, the features properties offer, and how close they are to downtown. Each of these aspects plays a part in setting the rental cost.
Neighborhoods
Neighborhood appeal greatly affects rent prices in Fort Worth9. Areas known for safety, good schools, and a vibrant community have higher rents. Downtown Fort Worth, with its nightlife and job opportunities, often costs more than quieter suburbs.
Location within the city also impacts rent9. Downtown locations are pricier than suburban ones. This trend is common in big cities, not just Fort Worth.
Amenities
Amenities play a key role in determining rent prices10. Facilities like gyms, pools, and charging stations for electric cars can lead to higher rents. For instance, Wayfare Cibolo Hills offers these plus single-story homes, making it a sought-after place to live.
Such amenities appeal to those looking for ease and comfort. Consequently, properties offering them can charge more.
Proximity to Downtown
How close a place is to downtown Fort Worth also affects its rent9. Apartments near the city center are more expensive. They offer more jobs and entertainment options.
Living near downtown means easier travel and access to city life. Many renters find this worth the higher rent.
Considering factors like neighborhood quality, amenities, and location can guide renters9. This way, they can navigate their housing costs more wisely.
What’s The Average Rent In Fort Worth, TX
The current average rent in Fort Worth is $1,3861. This gives a general idea of the cost of living here. You might pay about $1,555 for a 1-bedroom apartment. A 3-bedroom apartment can cost up to $3,1983.
In Fort Worth, rent prices went down by 3.1% from last year1. Still, it's the 59th priciest big city in the U.S1. The middle price for listings is roughly $1,600. This works out to about $2 for each square foot3.
The rent trends vary based on apartment size. Studios and 1-bedrooms have gotten more expensive, with studios up by 31.57%. And 1-bedrooms by 37.23%3. These changes show the evolving market and living costs.
Every month, studio rents in Fort Worth go up by 9.47%, and 1-bedroom rents by 11.06%3. But, 3-bedroom places fell by 5.71%. This shows different trends for various apartment sizes3.
Facing other cities, Fort Worth's $1,514 average rent seems reasonable. It's cheaper than Denton, TX, at $2,280. But, it's a bit pricier than Frisco, TX, where the average is $1,3053. Those looking at Fort Worth should compare these areas too.
Most & Least Expensive Areas in Fort Worth
Fort Worth is home to many neighborhoods, each with its own rental prices and charm. Some areas are pricier, while others are more affordable. Knowing this can help you decide where to live.
Most Expensive Neighborhoods
Flower Mound is one of the top expensive areas with a median rent of $2,085. It's known for luxury amenities, location benefits, and high demand. The neighborhoods of Arlington Heights and Tanglewood also have high rents. They offer great amenities and locations.
Most Affordable Neighborhoods
Haltom City offers lower-cost living, with rents at about $1,28711. Other affordable places include Sansom Park, White Settlement, and Cleburne. They provide a cheaper option to live near the city. For example, renting a one-bedroom in Cleburne costs around $1,102. It's a good deal11. These places are great for saving money while staying close to Fort Worth. Learn more about affordable suburbs near Fort Worth.
Recently, Fort Worth's rental prices fell slightly. The rent for a one-bedroom dropped by -0.45% from June to July, now at $1,318. Two-bedroom apartments saw a -0.99% drop, now at $1,60011.
This shows that Fort Worth has a wide range of rental prices. You can choose between luxury places like Flower Mound or save money in Haltom City. Fort Worth fits many budgets, making it a flexible choice for renters.
Future Predictions for Fort Worth's Rental Market
Fort Worth's rental scene is ever-changing, thanks to economic factors that shape rent prices and housing trends. Many experts have a positive outlook for the area's future. They base their predictions on important elements.
Expert Insights
In November 2023, the average rent was $1,436 per month for an apartment measuring 873 square feet. This shows a stable trend compared to last year12. Economic improvements and new buildings are expected to keep rents favorable. The Federal Reserve plans to keep its main interest rate steady until 2024, making homes more affordable12.
Fort Worth's rental market is predicted to grow moderately. This growth comes from the city's efforts, like the Crestwood Place and Cowan Place senior apartments12. These efforts help meet the need for diverse and affordable living spaces, keeping the rental market steady.
Economic Indicators
In October 2023, Fort Worth's median home price was $330,000, which was a small drop from the year before. Contrastingly, Tarrant County saw a 4.3% rise in available homes12. Next door, Parker County's median home price climbed to $474,950, a 5.5% increase12. This shows varied pricing trends across the area, affecting rent differently.
Fort Worth had a 25.4% jump in listings13. Yet, the city saw a 2.2% drop in property sales13. These figures suggest a market balancing out, possibly making rentals more accessible as more homes are available. It fits with the broader expectations for Fort Worth's rentals.
The interplay of housing programs and median price changes plays a big role in Fort Worth's rental market. As key players watch these trends, the future looks promising. There's a concerted focus on ensuring sustainable growth and keeping housing affordable.
Fort Worth Rent Prices Compared to Dallas Metro Area
Looking at rent prices, Fort Worth stands out in the Dallas metro area. It has a median rent about 7.9% lower than Dallas. This makes it a more affordable choice for many.
Suburban vs. Urban Costs
When it comes to living costs, Fort Worth is kinder to your wallet than urban areas. A studio apartment there costs about $1,210. In Dallas, it's just a bit less at $1,20014.
But, when you look at larger apartments, the difference grows. A 2-bedroom in Fort Worth goes for $1,590. This is higher than Dallas's $1,500 for the same type of apartment15.
Relative Affordability
Fort Worth is still the better deal overall, despite some price differences. The average rent for living spaces is $2,070, less than Dallas's $1,860. Fort Worth offers modern options at competitive rates15.
According to Apartment List, rent is creeping up but the outlook is good for renters. In Fort Worth, properties are generally 31.3% newer than in Dallas. This means tenants have access to more modern living spaces15.
FAQ
What's The Average Rent In Fort Worth, TX?
The current median rent in Fort Worth, TX, is $1,386. This info comes from the Apartment List July 2024 Rent Report. It is key for people looking to rent in the area.
What Are the Current Median Rent Prices in Fort Worth?
In Fort Worth, a 1-bedroom apartment costs $1,183 on average. A 2-bedroom apartment goes for $1,366. These prices show what people usually pay for apartments there.
How Have Rent Prices Changed Year-Over-Year in Fort Worth?
Rent in Fort Worth dropped 3.1% from last year. But, prices went up by 0.2% since June. This shows rent prices are becoming stable.
What Is the Cost of Living in Fort Worth Compared to the National Average?
Living in Fort Worth is 5% cheaper than the U.S. average. Goods and services cost 1% less, groceries 2% less, and health care 13% less. Housing costs are 16% lower. But, you'll pay 10% more for transportation and 14% more for utilities.
How Does Fort Worth Compare in Rent Prices With Other Major Texas Cities?
Fort Worth's rent is cheaper than in Dallas, Austin, and Houston. For example, renting a 2-bedroom apartment is $1,366 here. That's less than Dallas, where it's $1,476.
What Factors Affect Rent Prices in Fort Worth?
Many things impact rent in Fort Worth. Desirable neighborhoods, amenities like gyms or pools, and how close you are to downtown matter. The more luxury features, the higher the rent.
What Are the Most and Least Expensive Areas in Fort Worth?
Flower Mound is the priciest area in Fort Worth, with rent at $2,085. Haltom City is more wallet-friendly, where rent averages $1,287.
What Are the Future Predictions for Fort Worth's Rental Market?
The future of Fort Worth's rental market looks to be stabilizing. Job market health, population increases, and new housing developments will play big roles. These are expected to shape rent prices.
How Do Fort Worth's Rent Prices Compare to the Dallas Metro Area?
Fort Worth's rent is about 6.5% lower than the Dallas metro. This makes Fort Worth a more affordable option in the region.
Source Links
- Average Rent in Fort Worth, TX & Rent Price Trends - https://www.apartmentlist.com/rent-report/tx/fort-worth
- Average Rent in 76179, Fort Worth, TX | 76179, Fort Worth, TX Rent Costs - https://www.renthop.com/average-rent-in/76179-fort-worth-tx
- Average Rent in Fort Worth, TX | Fort Worth, TX Rent Costs - https://www.renthop.com/average-rent-in/fort-worth-tx
- What does it cost to live in Cowtown? - https://ftwtoday.6amcity.com/city-guide/live/cost-of-living-in-fort-worth-tx
- How Specialized Property Management Fort Worth Benefits Rental Property Investors - https://specializedpropertymanagementfortworth.com/rent-rates-continue-to-rise-nationally-and-in-fort-worth-property-management/
- Cost of Living in Fort Worth Texas [2024] 💰 | Average Fort Worth Cost of Living [Rent, Home Prices, Salary + More] - Brothers Moving Texas - https://brothersmovingtexas.com/blog/fort-worth-cost-of-living/
- Cost to Buy vs Rent in 10 Texas Cities - https://www.mortgageresearch.com/articles/cost-to-buy-vs-rent-texas/
- Cost of Living in Texas [2024] - https://www.apartmentlist.com/renter-life/cost-of-living-texas
- What is The Average Rent In Fort Worth Texas - https://www.hows.tech/2024/07/what-is-average-rent-in-fort-worth-texas.html
- Top Reasons to Rent Instead of Buy in Fort Worth - https://www.wayfarecibolohills.com/blog/apartment-rentals-vs-buying-fort-worth-tx/
- Apartments for Rent in Fort Worth, TX - https://www.rentable.co/fort-worth-tx
- Are Fort Worth home prices expected to drop? 2024 real estate predictions - https://ftwtoday.6amcity.com/city-guide/live/real-estate-predictions-fort-worth-tx
- Fort Worth Housing Market Forecast 2024: Will it Crash? - https://www.noradarealestate.com/blog/fort-worth-real-estate-market/
- Fort Worth, TX vs Dallas, TX - https://www.bestplaces.net/compare-cities/fort_worth_tx/dallas_tx/housing
- Looking to move? Here are the average rent rates in Tarrant and Dallas counties - https://www.star-telegram.com/news/local/article275316541.html
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