There’s an old saying: “What goes up, must come down.” That’s true of just about everything, except for the price of Metro Dallas rent! According to a recent analysis by rentjungle.com, Dallas ranks as the 19th most expensive metro in the country for rent. Here’s some information I found from an article in the Dallas Business Journal, along with my own research!
As of September 2017, average rent for an apartment in Dallas, TX is $1251, a 0.88% increase from last month when the average rent was $1240. One bedroom apartments in Dallas rent for $1062 a month on average and two bedroom apartment rents average $1451 . The average apartment rent over the prior 6 months in Dallas has increased by $32 (2.6%). One bedroom units have increased by $21 (2%) and two bedroom apartments have increased by $37 (2.6%)
The rental market is just as diverse and localized as the rest of Dallas real estate. Looking at this heat map for the median rental cost of 1-bedroom apartments, it’s clear that North Dallas has some of the priciest rents in the metro, trailing City Center District. Here’s where the wallet-squeeze is the tightest:
Preston Hollow: $737 Oak Cliff: $1,261 Bluff View: $1,389 m Streets: $1,489 Oak Lawn: $1,768 University Park: $1,959 North Dallas: $1,558 City Center District: $1,958
Some analysts speculate that Dallas rents will taper off as new apartment buildings reach completion. (That’s what Boston used to think, too!) But Dallas is a world-class city that is enjoying economic growth in a variety of industries. And the truth is, landlords will always charge the maximum rent that the market will bear
In fact, rents are often determined by the “vacancy rate.” Which means, a landlord will charge the maximum rent that keeps the apartment building 90% full. Why only 90%? Because it’s just as profitable to charge high rent and leave some empty units, than to charge lower rent and deal with repairs on every unit. Therefore, unless we see another economic shake-up like the Great Recession, most Dallas rents will invariably trend higher, year-over-year, based on inflation and localized supply and demand.
And while it’s true that the cost of buying a Metro Dallas home has also gone up, home ownership still offers the best long-term value in housing. From income tax breaks, to value appreciation and quality of life, owning a home pays you back!
If you have no selected a top Dallas, TX Realtor to represent you in your home purchase, contact me, and I’d love the opportunity to interview for the opportunity to help you find your dream home! We offer great service and incentives for new home buyers in Southlake, Colleyville, Frisco, Plano, Coppell, Prosper, Castle Hills, Celina, Lewisville and other cities in DFW metro area. Or if you are thinking of selling a home, I’m here to help you! Contact me today for your personal real estate consultation. There’s no charge and no obligation! I will be happy to refer you to local mortgage lenders, and help you find the ideal home for your needs!