There is one area of the market that is experiencing few woes: the Dallas apartment market.

Dallas apartments are being rented swiftly, as more and more Dallas residents forgo purchasing properties. This, of course, is great news for developers and landlords across the Dallas area.

To get a better idea of how many renters are entering the marketplace, consider that renters leased twice as many apartments as developers added to the market in the third quarter of 2010. In fact, the increase in leases for Dallas apartments led to an increase in rents by more than one percent, which is the first gain the Dallas apartments market has seen in over a year.

According to MPF Research, the average monthly rent for Dallas apartment is up to $762, as per the third quarter of this year. Many of the Dallas apartments being leased are newly completed, thereby providing a general upturn in the industry.

A Surge in the Local Economy Spurs Apartment Leases

The local economy has no doubt spurred the latest surge in apartment leases, thereby providing more proof that the Dallas market is heading back into positive territory. In fact, about 30,000 jobs have been added in North Texas this year.

Combine the surge in employment with the fact that many individuals either find it too hard to obtain a home loan or are just too nervous to make a move in this economy, and it quickly becomes apparent why Dallas apartments have seen so much action as of late.

The Dallas-Fort Worth area saw renters leasing 7,800 apartments during the third quarter, which brings the total leases this year to 22,970. Economists note that the activity in the Dallas apartment market has been stronger in just the last nine months than the previous four years combined.

New Construction Hitting the Apartment Market

The Dallas-Fort Worth area introduced 9,200 new apartments to the market this year, and about 4,300 more apartments are due to become available soon. Many real estate experts also note that the biggest jump in leases has been contributed to the new, higher-end units. As the Dallas apartment market continues to improve, it is likely that the middle to bottom end of the market will also show significant signs of improvement.

The areas that saw some of the biggest improvements this year when it comes to Dallas apartments include the Frisco area, which experienced a 14-point increase in occupancy this year, and central Dallas, which experienced a 7-point increase. Other areas, such as North Fort Worth and Frisco have seen apartment rate jump by as much as six percent.

This apartment boom, of sorts, in Dallas has caused many developers to break ground on new apartments. In fact, construction has begun on 1,100 more apartments in Dallas this year alone. However, due to the tight lending standards in the industry, it is unlikely that developers will be able to keep up with demand. As a result, it is likely that renters will see a rise in rental prices and a lack of incentives to get them through the door.