Planning Focus
Apartment Property Values
Between 1987 and 2002 apartment property values dropped by more than $33 million, a 28% decrease in value, while the cost of living (reflected in rents and replacement construction) rose by 60% according to the Consumer Price Index for the same period.* Several factors, including apartment over supply, led to this decline.
Over 80% of Woodhaven's housing is renter-occupied with high tenant mobility and a reported vacancy rate of 20% or higher. Apartment over supply has also had a significant economic and social impact on the Woodhaven neighborhood. Property owners have been forced to decrease rents after they could not make cash flow obligations (i.e. debt service). This caused a decline in property maintenance and reinvestment, which contributed to the gradual decrease in apartment property values in the Woodhaven Neighborhood.
* See Consumer Price Index data in Appendix A.
Example of incintives used to attract tenants to Woodhaven.
Source: Tarrant County Appraisal District and Consumer Price Index data (see Appendix A)
Villa del Rio Apartments near the Boca Raton/Oakland Hills intersection.