Developers say they have received final approvals for a huge new residential community being built on Fort Worth’s west side.
The $850 million, 700-acre Morningstar development is being built north of Interstate 20 in Aledo.
More than 2,000 houses are planned in the project which is just starting construction.
The first homes in Morningstar – priced from the mid-$200,000s to the mid-$400,000s – will be ready next year.
Read more on the Dallas Morning News
As of year-end, occupancy in Fort Worth’s major apartment sub-markets were all above the 94-95% threshold. Not surprising, this high demand has been driving rents. In the last year Fort Worth apartment rents have increased 6.7%, with newer units up 7.8% (these newer units now average more than $1,100 per month). This rent growth is even outpacing the solid rent gains we are seeing on the Dallas side of the Metroplex.
In addition, Fort Worth added almost 29,000 jobs last year alone. Fort Worth’s job base has consistently increased, with 107,000 jobs added (12.5%) since the end of 2010.