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.
Fort Worth showed the fifth largest rent increase statewide last month with 4.2 percent growth over last year, and a median rent for two-bedrooms at $1,130. One-bedrooms had a median of $910 per month. Fort Worth was one of just seven Texas cities with rent growth that exceeded statewide and national averages.
Rents in the Lone Star State remain just below the national median. In Texas, rents showed no growth over the past month, and are up 3 percent over last year. A one-bedroom in Texas costs $1,000, while a two-bedroom has a median price of $1,230. So we’re still not paying New York or San Francisco prices by a long shot. But these rent increases in Dallas, Arlington, and Plano make us wonder, is this fueling some first-time buyers to go ahead and make the plunge into home ownership?