DALLAS — Rents in Dallas are up by 17% year-over-year and 22.8% since the start of the pandemic in March 2020, outpacing the national average on both accounts.
Rents in Dallas jumped 2% month-over-month in June, compared to a 1.3% increase nationally, according to the latest rent report by rental platform Apartment List.
Month-over-month rent growth in Dallas rents ranks No. 17 among the nation's 100 largest cities, according to Apartment List.
Dallas' year-over-year rent growth of 17% compares to 6.4% at this time last year. Year-over-year growth in Dallas ranks No. 25 among the nation's 100 largest cities.
Median rents in the city of Dallas stand at $1,218 for a one-bedroom apartment and $1,455 for a two-bedroom.
Inflation is currently at its highest rate in 40 years, and rapidly rising housing costs are a key contributor, according to Apartment List. While the national market has cooled slightly from last summer’s peaks, the U.S. median rent has still jumped by 14% in the past year.
With spiking mortgage rates now sidelining potential homebuyers, the coming months could bring more competition for rentals amid a multifamily market that is already supply-constrained.
In many DFW cities, the rent increases are higher than they are in Dallas proper. In Allen, for example, rent is up 18.8% year-over-year.
The year-over-year rent increases vary widely in Texas’ major cities.
Houston is up just 10.2%, San Antonio is 14.5% higher, Fort Worth is up 15.7%, and Austin has jumped 19.2%.
The median two-bedroom apartment is renting for $1,278 in Houston, $1,299 in San Antonio, $1,310 in Fort Worth, and $1,792 in Austin.
Overall, rents are growing more slowly than they did in 2021, but faster than they did in the years immediately preceding the pandemic, according to Apartment List. Over the first half of 2022, rents nationwide have increased by a total of 5.4%, compared to a rise of 8.8% over the same months of 2021.
Year-over-year rent growth across the U.S. currently clocks in at 14.1%, but has been trending down from a peak of 17.8% at the start of the year.
New York City is experiencing the nation’s fastest rent growth at the city level, up 27% year over year.
This story first appeared in the Dallas Business Journal.
