After a decline in median rent for apartments in Dallas in November of 2020, rent has increased 15.3 percent compared to this time last year, according to a report by Apartmentlist.com.
In Dallas, the typical rent for a one-bedroom apartment is $1,128 and for a two-bedroom apartment is $1,353. The city has seen rent increases for twelve months in a row, following a reduction in November of last year. Dallas tenants saw a greater year-over-year rent increase than the state average of 15.2 percent, but it was lower than the national average of 17.7 percent.
During the previous year, the cost of rent rose not only in Dallas but also throughout the metro region, according to the Apartment.com report.
Here’s how the cost of rent varies in several of the metro’s most populous communities:
With a year-over-year rise of 24.5 percent, McKinney has witnessed the largest rent uptick in the region. A two-bedroom apartment will set you back $1,689, while a one-bedroom will cost $1,454.
Plano has the highest rental rates among the main cities in the Dallas metro area, with a two-bedroom median of $1,875; prices have risen by 0.5 percent in the previous month and 23.2 percent in the last year.
With a two-bedroom median rent of $1,294, rentals in Fort Worth are the least expensive in the Dallas metro region; rates are up 0.2 percent month over month and 13.0 percent year over year.
In the previous year, the state of Texas as a whole has witnessed a 15.2 percent increase in rent. For example, the price for apartment rentals in Austin has risen by 25.5 percent, 15.0 percent in San Antonio, and 10.5 percent in Houston.
The average rent in Dallas for a two-bedroom apartment is $1,353, which is more than the national average of $1,285. In the last year, rent has increased 17.7% overall nationwide, compared to 15.3% in Dallas.
While rent in Dallas has risen considerably in the previous year, it has also increased in numerous other cities around the country, including New York City (+32.9 percent), Phoenix (+28.9%), and Seattle (+22.6 percent).
Dallas is still less expensive for renters than most other metropolitan areas. For example, the average rent for a two-bedroom apartment in San Francisco is $2,708, more than twice as high as in Dallas.
For those thinking of buying instead of renting, take note that the housing market in Dallas-Fort Worth has been labeled ‘hot’ based on several economic factors. Houses are selling for 37 percent higher than they should be, and there are fewer houses for sale in DFW as more people are moving in, a recent Florida Atlantic University report claims.