Dallas-Fort Worth rent prices increased in August despite a recent study showing that national rent prices slowed for the month.
The Dallas-Fort Worth-Arlington (DFWA) metro area ranked No.34 with a median listing rent price of $2,370, according to a report by Dwellsy, a home rental platform that tracks data on rental price increases and annual changes across the nation.
Although Dwellsy’s report indicated that the “rent prices rate of inflation” slowed in August, national rent was still up a staggering 28% since a year ago. National rent in August was $2,110, a 0.5% increase compared to the previous month of July.
Meanwhile, Dallas’ asking rent has increased by 59% over the last 12 months and by 0.4% from July to August. This means renters are paying roughly $260 more than they did at the same time a year before.
The most in-demand property types for renters are single-family rental homes (SFR), with SFR rents well above apartment rents and growing faster, according to the report. “Single-family home rentals continue to drive the overall market, with rents for that property type up more than 36%.
Apartment rent, in contrast, is up 4.7%, below overall inflation levels,” the report said.
The most expensive rents in Texas can be found in the Austin-Round Rock-San Marcos (ARRSM) metro area, with a median asking price of $2,930. This puts the ARRSM area No.9 on Dwellsy’s Top 10 list of expensive cities.
Rents in the ARRSM area have nearly doubled since last year, increasing 86.3% annually and by 0.7% from July to August.
Other prominent Texas metros also felt heavy rent increases over the last 12 months.
Houston ranked No.51 and had the second-highest annual increase for a major Texas metro. With a yearly increase of 52.9%, including a 0.2% monthly rise in August, the median asking rent price in Houston was $2,210.
Meanwhile, No.64-ranked San Antonio, with a median asking rent price of $2,055, saw a 0.2% monthly decrease in August despite increasing by 42.3% over the year.
Trailing behind San Antonio in the ranking was Waco at No.149, with a median asking rent of $1,495, per the report. Despite increasing 24.6% annually, Waco had one of the most considerable one-month jumps, with August prices being 7.2% higher than in July.
Representing the largest cities, New York once again reclaimed its position as the most expensive rental market in the country, with rent at $3,021 per month. Boston, Massachusetts, and San Jose, California, tied for the No.2 rank with a median asking rent of $3,000.
The Dwellsy report anticipates rents to increase by another 1% through the seasonal peak in early fall.