Rental Market Trends in the Dallas-Fort Worth Metro Area
Dallas is the fourth-most expensive rental market in the Dallas-Fort Worth metro area, according to a Wednesday report.
The report, published by rental marketplace Zumper, analyzed active listings from the last month to rank cities by how expensive they are now and how fast their rents are growing.
A one-bedroom apartment in Dallas has a median rent of $1,480 a month. Atop the list, Frisco had a median rent of $1,620. Farmers Branch and Richardson tied for second with rents of $1,500.
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Rental Prices in the Dallas-Fort Worth Metro Area
The cheapest rents can be found in Benbrook, a suburb southwest of Fort Worth that had a median rent of $1,000, followed by Arlington at $1,070, Cleburne (30 minutes south of Fort Worth) at $1,080 and Denton and Garland at $1,120.
All but six cities, the above plus Bedford, had rents above the state median of about $1,140.
Year-Over-Year Changes in Rental Prices
In 14 of the 22 cities included, rents fell year-over-year. Cleburne had the largest year-over-year absolute change of any city, with median rents dropping 12.2%. Despite being some of the most expensive cities, Plano and Grapevine both saw rents fall significantly, by 4.0% and 7.8%, respectively.
“For the most part, everything is pretty much down. And I think that’s mainly due to big wave of new apartment supply in the Dallas metro area in the last year,” said Crystal Chen, a rental market expert and author of the report.
She noted that rents fell nationally, especially in Sunbelt and Mountain West cities, where supply is keeping pace with population growth. According to Chen, there are over 17,000 more units permitted for construction in D-FW.
Exceptions to the Trend
However, Dallas rents grew the fastest of any city in the region, with the median jumping 5.0% since last year. Allen, Irving, Euless, Burleson and Hurst also grew. Only Richardson and McKinney saw no change.
Usually, both a city and its suburbs see rent decreases at the same time, so Dallas growing bucks the trend in similar areas, Chen explained. As an example, rents in Phoenix and Miami proper both fell.
“Although there has been a ton of new supply reaching the market, I think it just goes to show how much demand there is in Dallas right now,” she said.
Two-Bedroom Apartment Rents
The median rents for two-bedroom apartments in Fort Worth, Denton, Arlington and others were all lower than the one-bedroom price in Dallas.
Several cities also saw two-bedroom rents falls drastically over the past year, with Weatherford, Fort Worth and Denton all dropping by double-digit percentages. In only three cities did two-bedroom rents rise more than 1% year-over-year: Dallas, Euless, and Irving.
Conclusion
The rental market in the Dallas-Fort Worth metro area is complex and varied, with different cities experiencing different trends in rental prices. While many cities saw rents fall year-over-year, Dallas stood out as an exception, with rents growing by 5.0% since last year. This growth is likely due to the high demand for housing in Dallas, which is driven by the city’s strong economy and job market.
Frequently Asked Questions
Q: What is the median rent for a one-bedroom apartment in Dallas?
A: The median rent for a one-bedroom apartment in Dallas is $1,480 per month.
Q: Which cities in the Dallas-Fort Worth metro area have the cheapest rents?
A: The cheapest rents can be found in Benbrook, Arlington, Cleburne, Denton, and Garland, with median rents ranging from $1,000 to $1,120 per month.
Q: What is the year-over-year change in rental prices for the Dallas-Fort Worth metro area?
A: In 14 of the 22 cities included, rents fell year-over-year, with Cleburne experiencing the largest drop of 12.2%.
Q: Why are rents growing in Dallas despite the overall trend of falling rents in the metro area?
A: The growth in rents in Dallas is likely due to the high demand for housing in the city, which is driven by its strong economy and job market.
