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Photo courtesy Pixabay

By Sania Tran
Apartment List

According to a new report published by Apartment List, Dallas comes in 11th in the ranking of metropolitan areas that are attracting the most renters from elsewhere. The ranking was determined based on the share of inbound searches coming from outside the metro — 39.4 percent of those looking for a place to live in Dallas aren’t Dallas residents.

Most people trying to move to Dallas are coming from New York (4.8 percent), San Antonio (4.0 percent), Chicago (3.6 percent), Los Angeles (3.3 percent), Washington, DC (3.1 percent), Houston (2.3 percent). Interestingly, Dallas is the #1 destination for Houston renters looking to leave their metro. Dallas has experienced solid economic growth in recent years while maintaining its affordability. (more…)

Dallas rents grew 2.2 percent in 2017, bringing the median two-bedroom rent to $1,100. It’s not just in Dallas proper where rents are on the rise – rents increased in 2017 in all the major Dallas metro cities including Fort Worth (4.3 percent), Arlington (6.6 percent), Plano (2.9 percent), Garland (2.7 percent), and Irving (3.8 percent). There is some relief for Dallas renters — rents in Dallas proper have declined 0.3 percent over the past month, and are down 1.2 percent since their 2017 peak in August.

The Dallas rent declines are part a seasonal trend, with rents falling in 62 of the top 100 U.S. cities during the month of December. Dallas’ rent decreases have been more pronounced than the nationwide trend, due in large part to increases in multifamily stock. The Dallas metro added more new rental stock than any U.S. metro, with 22,851 deliveries in 2017, up from 15,459 in 2016. The new rental stock decreased occupancy rates by 1.8 percent and softened rent growth, helping keep Dallas rent growth below the national and state averages of 2.5 percent and 2.8 percent, respectively.

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Having a car can be expensive — beyond monthly car payments, there are costs associated with insurance, gas, oil changes, repairs, and parking. Even if you own a car, public transit is a great alternative means of commuting. You can avoid sitting in traffic and save on paying for parking in downtown Dallas. We’re featuring great apartments that are just a short walk from the closest DART station. These apartments will make your daily commute a breeze!

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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.

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According to Apartment List, affordable rentals are increasingly found outside the Dallas city limits.

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.

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