Apartment rents in Dallas have increased slightly, but the city is still a relative bargain compared to other spots in North Texas, a recent analysis revealed.
Rents in Dallas have increased 0.5 percent from April to May, and are up 1.6 percent year-over-year, Apartment List said in its May rent report. The median two-bedroom rent is $1,120, a relative bargain compared to the many spots in Dallas-Fort Worth.
For instance, Grand Prairie has had a year-over-year increase of 3.1 percent, with a two-bedroom having a median rent of $1,260, and one-bedrooms going for $1,010. Plano’s median rent for a two-bedroom apartment was $1,440, up 0.3 percent over the past month and 2 percent year-over-year.
Statewide, rents increased 1.5 percent year-over-year, growing 3.5 percent in Austin, 2.4 percent in San Antonio, and 0.1 percent in Houston.
Apartment locating service Abodo gave nationwide context using data pulled from searches of apartments listed on its site, finding that nationally, one bedroom rents have increased 3.77 percent year-over-year, moving from a January median of $1,035 to $1,074 in May. From April to May, rents on one-bedroom units rose 1.06 percent.
However, the service found that rents on the once-hot two bedroom market had actually slowed a bit, with the median national rents decreasing from $1,239 in April to $1,325 in May, with a yearly increase of 4.08 percent.