Rents are slipping in Dallas, like they are in much of the country, as the COVID-19 pandemic and its economic fallout continue to impact tenants, although the decreases in Dallas have not been dramatic.
Rents in Dallas have fallen by 0.2 percent month-over-month, and are down 0.5 percent since the start of the pandemic, according to data from ApartmentList.com.
Median rents in Dallas stand at $912 for a one-bedroom apartment and $1,133 for a two-bedroom. This is the third straight month that the city has experienced rent decreases after an increase in March.
Dallas' year-over-year rent growth leads the state average of -0.1 percent but is in line with the national average of 0.2 percent.
This is typically the peak season for rental activity. From 2014-2019, rent growth from March to June in Dallas averaged 1.4 percent.
Year-over-year rent growth in Dallas currently stands at 0.2 percent, the lowest rate in June of any year since the start of Apartment List's estimates.
Rents rose in eight of the largest 10 cities in Dallas-Fort Worth.
Over the past year, Fort Worth has seen the biggest rent drop in DFW, with a decline of 0.6 percent. Median two-bedrooms in Fort Worth cost $1,155, while one-bedrooms go for $930.
Arlington and Grand Prairie have seen the fastest rent growth in the metro, with each posting a year-over-year increase of 1.4 percent.
For more on this story, click here.
More on WFAA:
- Texas extends unemployment; July 4th may be your best chance to get through to the unemployment office
- Fort-Worth based American Airlines warns it could be overstaffed by up to 8,000 flight attendants
- 'Truly staggering': Dallas arts and culture community loses more than $33M in first 2 ½ months of coronavirus closures
- From a soothing hobby to a side hustle, Dallas woman births a bake shop out of her home
