In the past five years, rents in Austin and Arlington have seen the fastest rising rent in the state and are among the 10 fastest-growing rents in the nation, according to a report on ApartmentList.com
Mesa, AZ topped the list for the nation’s fastest rent growth, with an increase of 5.1 percent over the last year, which is three times the national rate of one year growth, 1.7 percent.
No. 10 Arlington’s year-over-year growth was 2.8 percent. A median one-bedroom rental there costs $1,020 and a median two-bedroom rental runs $1,260.
In fact, of the 38 cities in Dallas-Fort Worth that were reported, 27 had a higher year-over-year growth rate than the national median index.
But take a longer view at the data and it’s more telling. Since 2015, rent in Arlington has jumped 25 percent, numbers that rival California, Colorado, and Arizona for the priciest rentals. The national five-year average is 11 percent.
The report found:
- McKinney has seen the fastest rent growth in the metro, with a year-over-year increase of 3.4%. The median two-bedroom there costs $1,439, while one-bedrooms go for $1,158.
- Plano has the most expensive rents of the largest cities in the Dallas metro, with a two-bedroom median of $1,473; rents increased 2.6% over the past year but remained flat month-over-month.
- Dallas proper has the least expensive rents in the Dallas metro, with a two-bedroom median of $1,137; rents increased 0.1% over the past month and 2.3% over the past year.
“(However), Dallas is still more affordable than most comparable cities across the country,” the report added.
Interestingly, the report doesn’t call out Rockwall, which saw the highest rent hike in the Metroplex — 13.4 percent or nearly eight times the national average, the data shows. A rental there will run $1,450 for a one-bedroom rental and $1,800 for a two-bedroom rental.
The second highest rent hike took place in Coppell, where rents rose 5.7 percent — with a median of $1,300 for a one-bedroom and $1,620 for a two-bedroom.
Dallas-Fort Worth has eight cities with the median one-bedroom rentals, appraised at fewer than $1,000, including Dallas, Fort Worth, Denton, DeSoto, Haltom City, Hurst, Waxahachie, and Weatherford.
Haltom City has the lowest median costs at approximately $790 for a one-bedroom rental and $990 for a median two-bedroom rental. Denton comes in second with median cost of $870 per one-bedroom rental and $1,090 per two-bedroom rental.
According to the ApartmentList.Com report, renters will continue to find more reasonable prices in Dallas and Fort Worth than most cities of similar size.