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There’s a serious shortage of affordable rentals in Dallas, but some data shows that prices are dropping. That’s good news considering that wages, when compared to housing costs, are creating a gap in affordability that is causing a whole swath of renters to become “cost burdened.”

“Dallas, specifically, ranks No. 47 when it comes to cost burdened renters, with 47 percent of the local renters spending at least 30 percent of their income on rent,” said Sam Radbil of Abodo. “Outside of Dallas, when looking at the data on a national level, the study revealed that almost half of the top 20 cities with the most cost burdened renters are located in California.”

Abodo’s numbers show that Dallas rents dropped .2 percent in October from the previous month, but are up 5.3 percent year-over-year. However, according to RentCafe, Plano is actually quite affordable, with only 25 percent of a renter’s annual income going toward rent. Irving is also quite affordable.

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According to Apartment List, affordable rentals are increasingly found outside the Dallas city limits.

In Dallas, though, the market has seen an influx of luxury rentals for those who eschew homeownership in favor of low-maintenance, non-committal leasing. This has meant that fewer affordable units have been built, pushing residents outside of the city, creating longer commutes, and overall increasing transportation costs for those who can least afford it. You can see the results in Apartment List‘s recent breakdown of median two-bedroom rental costs.

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Turkey Dinner

Grocery bills are topping out just two days before we sit down to elegant tablescapes and eight different kinds of potatoes, and ApartmentList wanted to know what everyone is obviously thinking: How many of these Thanksgiving feasts it would take for Americans to pay rent?

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In RentCafe’s ranking of apartment sizes for U.S. Metros, Plano ends up in the fourth spot for the largest one- and two-bedroom apartments and third in studios when measured by average square feet. The list, in which Dallas doesn’t even break the top 15 (it was tied for 18th with Irving), compared apartment sizes by location and over time throughout the top 50 largest metropolitan areas.

Also interesting, and a trend that many Dallasites are seeing, is the overall shrinking of apartments. According to RentCafe’s YardiMatrix, apartment sizes have shrunk by 8 percent overall in the last decade, with studios getting a very claustrophobic 18 percent smaller.

In Dallas, we ranked 10th in largest apartment size when measured by population, though, but Atlanta finished first, as it did in almost every category. If you want to rent a big space, you have to move to Georgia it seems.

For more ranking fun and a neat infographic, jump!

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Renting is often considered to be more affordable than homeownership, but the gap between affordable rentals and affordable homes for sale is widening. According to SmartAsset’s 2016 rental affordability survey, there’s a massive income gap for renters. This year’s survey shows that, in Dallas, renters need to make $62,700 to meet HUD guidelines for affordable rentals. That’s an increase of $5,829 from a year ago, and equates to about $1,463 a month on rent alone.

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rent prices

If it seems like rent is high in Dallas, you’re not imagining things.

According to a new report from Apartment List, Dallas has the highest rents in the state, with two-bedroom apartments having a median rent of $1,580 per month, and one-bedrooms at $1,220. Dallas rents have grown year-over-year by 5.4 percent, higher than both statewide and national averages.

Just north of Dallas, Plano is Texas’ fourth most expensive city. It also showed the highest year-over-year rent growth, with a 6.9 percent increase over April 2015. In this city, a two-bedroom has a median price tag of $1,480, and a one-bedroom rings in at $1,070 per month.

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It seems like there’s a new press release with new data in our inbox every day telling us that more and more people are moving to Dallas now than ever before. And just as often we are reading news stories about slow apartment leasing and price reductions in some areas of the market.

If you’ve been overwhelmed with the seemingly ubiquitous data-driven news showing both how fast we’re growing and how troublesome the rental market is looking, here’s a little breakdown of the most recent news regarding Dallas growth and Dallas real estate. The takeaway: Expect to see more of these guys.

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Photo: Elan City Lights

Photo: Elan City Lights

In 2015, multifamily builders delivered 19 new apartment developments totaling more than 5,300 brand new apartments, according to the most recent numbers from RentCafe. If that seems like a lot, consider that 20 new apartment developments came on line in 2014, totaling more than 6,000 units.

So, who’s going to live in all of these apartments?

Folks who are just entering North Texas due to our hot jobs market, or those who can’t seem to find a single-family home in our scorching real estate market. Talk about growing pains, right? Plus, according to the latest numbers from Apartment List, rents are on the way up in Dallas, too, with a median one-bedroom unit fetching $1,260 per month and a median two-bedroom unit priced at $1,600 a month. The year-over-year increase for these types of properties is a whopping 4.9 percent. Yikes! I’m sure some people are saying this:

The Rent is Tood Damn High

So, which projects delivered on the most units? RentCafe used its Yardi Matrix data to find that Elan City Lights on Live Oak, right across from the vibrant Latino Cultural Center and just down the street from the Good Latimer Dart Rail Station in Deep Ellum, was the biggest apartment development to hit the market in 2015, bringing in 424 units. Of course, the location at Cantegral and Live Oak is all aces, as it’s close to mass transit, a stones throw from Deep Ellum culture, and near all the things you want to see and do in downtown Dallas.

As downtown Dallas and the surrounding areas add more and more density, expect a lot of this new housing to be rentals. In fact, more than half of RentCafe’s top 10 largest apartment developments of 2015 are located inside the Dallas urban core. The good news: One of the top 10 largest new apartment developments for 2015 is an office conversion inside downtown Dallas.

Jump to see the full list of the top 10 largest apartment developments of 2015:

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TX-10-most-expensive-Feb-2016

Demand is pushing rents upward in Texas, and renters in Dallas are feeling the burn in their wallets. According to a recent analysis from ApartmentList, Dallas is the most expensive metro area in Texas for renters, with the median price for a two-bedroom apartment clocking in at $1,560 per month. That’s $90 higher than Austin, which is often decried for its astronomical real estate prices, though the state capital saw a 7.8 percent year-over-year increase in rent prices. Rents are up 4.8 percent for Dallas year-over-year, while Plano has seen a 5.9 percent year-over-year increase in rents — the second highest in the state. Look for that number to inch skyward as more luxury multifamily developments come online in Plano and along the northern corridors of Dallas.

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