rents

From staff reports

Dallas rents are rising, but are still doing so at a rate below the national average, the December 2018 Dallas Rent Report from ApartmentList.com revealed today.

Year-over-year, Dallas rents have increased by 1.1 percent, with median rents at about $890 for a one-bedroom apartment, and $1,110 for a two-bedroom. That year-over-year growth is less than the state average of 1.4 percent and the national average of 1.3 percent.

In November, Dallas rents remained flat. (more…)

flippedBy Linzi Martin
Rent.com

As a renter, finding a flipped property can be great. After all, you’re moving into a recently renovated space that’s clean, modern, up to code and generally more visually appealing, right? Unfortunately, that’s not always the case.

Some flipped properties are done very quickly, and in the process, hazardous shortcuts might have been taken. It’s important to know what to look out for when renting a flipped property so you can ensure you’re getting a property that’s been cared for rather than neglected. Here are five things to consider when renting a flipped property.

1. Water damage

Water stains on walls, floors or ceilings are a strong indication that an underlying problem was covered up and not addressed. This could be caused by an internal leak from a pipe or cracks in the exterior. (more…)

What would it take to get Amazon to locate it’s HQ2 here in Dallas? Jon Anderson says you don’t want to know, and we shouldn’t be so sure we want the e-retailer here anyway.

And according to new stats from ApartmentList, if Seattle’s fallout from HQ1 is any indication, Dallas and Austin renters should expect a bump in cost of living should Amazon HQ2 land in these major Texas metro areas.

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With new home construction getting more expensive and bidding wars erupting over homes on the affordable end of the spectrum, many new transplants to the Dallas-Fort Worth area — approximately 143,000 of them from 2015 to 2016 —are turning to apartments to meet housing needs in the interim. And while we’ve done a less-than-stellar job of keeping the supply of homes for sale on par with demand, an apartment building boom has filled the gap — almost too well, in fact.

With almost 25,000 apartments set to hit the market in before the close of 2017, Dallas-Fort Worth (24,960 units) comes in a close second to New York City (26,739 units) in the march toward more rentals. According to RentCafe’s analysis of data from the National Multifamily Housing Council, apartment construction is at a 20-year high, with 345,000 units slated to hit the market by the end of the year — a 21 percent increase over last year’s deliveries. 

Of course, the hope is that with all of these new apartments reaching completion, rents will soften and stabilize, leading to more affordable rentals. 

(more…)

Rents are up again in June, according to various reports released last week. But the severity of the situation varies, depending on which report you read.

Numbers released in the National Apartment Report by Abodo.com show median rents for one-bedroom apartments in Dallas rose 5.12 percent since last month. Five percent in a month! That’s the seventh highest rent increase for a metro area in the country. But their data comes strictly from their own listings, which may be the grain of salt we need to take with this. Private listings tend to feature more luxury apartments, which skews the rental data toward costlier properties.

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DFW rent prices

If it feels like you’re paying a lot for rent, you’re probably right: huge demand for DFW apartments in 2016, coupled with a shortage of supply, has pushed rents and building occupancy to record levels.

DFW rent prices are now averaging almost $1,100 a month, according to MPF Research. Add to that a vacancy rate of under 4 percent, and you’ve got demand at an all-time high. The past year’s demand total for apartments in North Texas jumped to 27,120 units, up sharply from the 2015 volume of about 17,000 units.

Fort Worth ranked sixth in the nation for rent increases in 2016, going up 6.7 percent over the previous year. Dallas was close behind, at number 11, with a 6 percent increase over 2015.

“With out apartment clients, we’re getting a lot of people relocating who are unsure if they want to buy or not,” said David Maez, co-founder of Vivo Realty Group. “I think we going to see competitive rent prices continue, even with the inventory that’s coming up.”

There are now almost 50,000 apartments under construction in North Texas, which is about 9 percent of nation’s building activity. That’s the country’s biggest block of product on the way by a large percentage, according to RealPage. About 29,000 of those apartments scheduled for completion in 2017.

“Dallas-Fort Worth is the country’s top spot for apartment demand by a huge margin, which speaks to the strength of the local job market and household formation pace,” said RealPage chief economist Greg Willett. “There’s a great mix of expansion in both the urban core and the suburbs.”

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A unit inside the Adam Hats building in Deep Ellum. (Photo: Deep Ellum Lofts)

Can you live La Vie Boeheme in Dallas anymore? It seems like, with all of the increases in property valuation, it’s getting harder and harder for artists to live in Big D. Rents are up throughout the city, but in areas with high levels of walkability that are close to transit, shopping, and jobs demand even higher prices.

And that’s leaving some folks in Dallas a little salty. According to Apartment List’s Sept. 2016 rent report:

Dallas rents grew by 0.1% in the last month

Dallas rent prices increased by 0.1% between July and August and are up 6.5% over August 2015, a larger year-over-year increase than statewide and national averages. 1-bedrooms in Dallas have a median rent price of $1,210, while 2-bedrooms cost $1,610.

Dallas remains the most expensive city for renters in the metro

  • Plano: Plano is 2nd only to Dallas for highest rents in the Dallas metro. 2-bedrooms there cost $1,500, while 1-beds run $1,140. Plano also showed the 2nd largest rent increase, up 8.8% year-over-year.
  • McKinney: McKinney is the 3rd most expensive city for renters in the metroplex. A 2-bedroom has a median rent of $1,370, and 1-bedrooms cost $980.
  • Irving: Rent prices in Irving are the 4th highest in the metro. 2-bedrooms in Irving have a median rent of $1,330, and 1-beds cost $980. Irving rents increased by 8.2% over last year.

Yikes! We have to wonder if the lack of affordable housing will mean more people opening up that restaurant in Santa Fe, or more people may see these climbing prices as Dallas saying, “Take Me or Leave Me.”

At any rate, if you’re feeling the pinch of high rents, we want to give you a pair of tickets to see RENT at the AT&T Performing Arts Center during the legendary Broadway show’s Sept. 20 premiere at the Winspear Opera House.

Jump to enter!

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Jordan invitation

We will be serving French 75, the drink that got me in trouble last week — KIDDING! No, we are going to let our hair down, maybe even go curly, so do pop over for a look/see at the most luxurious apartment living in Dallas du jour. I hear the views are to die for…

These new stats just crossed my desk from my friend Andrew at ApartmentList, so I’ll share. I mean, compared to Plano, Dallas is almost a friggin’ bargain! (ALMOST!) (more…)