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.
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.