Photo courtesy Wikimedia Commons

More and more people are choosing to rent, economists are finding, but Apartment List found in a recent study that one particular — and somewhat surprising — segment of the rental market is booming: high-income renters.

The report deems those with six-figure incomes as high-income renters, and a growing number in this income bracket are choosing to rent their homes instead of buying. On a national basis, almost two million (or 48 percent of) high-income households became renters between 2007 and 2017.

“In Dallas specifically, high-income renters grew 91 percent from 2008-2017,” said Apartment List research associate Rob Warnock.

Why? At least in Dallas, it may be the sheer volume of luxury apartments available. (more…)

rentHow did Dallas’s rent growth stack up to the rest of the major metros in the state? Are we in a bubble? We look at this and more in this week’s roundup of real estate news.

RENTS PREDICTED TO GROW IN DALLAS IN 2019

Most of the apartments in Dallas are occupied, and rent growth continues according to the Yardi Matrix Multifamily National Report for 2018.

Nearly 95 percent of Dallas apartments were occupied in October, with yearly rent growth hitting 2.1 percent last month. It is expected to grow 4.4 percent next year. (more…)

Lake Highlands

Apartments like The Trellis (pictured) and others make one zip code in Lake Highlands one of the cheapest areas to live in Dallas, according to new research by Realtor.com.

We know rents are high in Dallas — we’ve written more than a couple of stories about how much it costs to live in the Big D. But where can you consistently find the cheapest rents? Turns out, one zip code in Lake Highlands, in particular, is exactly where you should start hunting.

Realtor.com decided to take a look at several large metros with higher rents and find the most affordable neighborhoods in each — with a few provisos.

The researchers said they began by analyzing median one-bedroom rents as of May by zip code, and then searched neighborhoods within a 45-minute commute to downtown during morning rush hour based on data from Google Maps.

Researchers said they also “made sure crime wasn’t over a certain threshold based on crime data provided by Sperling’s Best Places, a site that collects data on communities across the U.S.” (more…)

rents

(Photo courtesy Wikimedia Commons)

There may be a lot of apartments being built in Texas, but that’s not necessarily translating to more affordable rents, one economist said at a recent conference on affordable housing held at the Federal Reserve Bank of Dallas.

Greg Willett, chief economist at RealPage, told the group assembled that the same affordable housing issues that have begun to block families from purchasing homes have begun to crop up in the rental sector as well.

“We are starting to see the same affordability challenges in rental housing,” he said, adding that this issue is occurring despite a boom in apartment completions across the country. (more…)

When searching for a place to call home, most renters start with a price range in mind. Although the importance of staying within your budget is universal, the options available at different price points vary across the Dallas metro.

To illustrate this point, Apartment List crunched the numbers to find out how much space you can get for $1,500 in different parts of the Dallas metro. It’s no surprise that you have to sacrifice size for location to rent a luxury loft in downtown Dallas, where a 1,020-square-foot, one-bedroom runs $1,500. Meanwhile, you can spread out in a 1,410-square-foot, three-bedroom apartment in Fort Worth for the same price.

For a more thorough breakdown, we’ve selected specific examples of units in six Dallas-area cities near the $1,500 price point and close to each city’s average square footage.

(more…)

Rents have been on the rise in Dallas, with the median one-bedroom apartment in Dallas proper renting for $890 a month. Throughout the Dallas area, some suburbs still offer lower prices compared to Dallas, while others are considerably more expensive.

To give renters an idea of how far their rent check will go, we’re highlighting properties at the Dallas median price in Dallas proper, as well as in 10 surrounding cities. From one-bedrooms in Frisco and Carrollton to two-bedrooms in Fort Worth and Garland, there are plenty of great rentals in the Dallas-Fort Worth metro for around $890 a month.

(more…)

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!

(more…)

PD-15 v3 Small Colored Labels

Boundaries of PD-15

Forget the plan the Preston Center Task Force is cooking up.  Last night it was disclosed that owners of the Diplomat and Royal Orleans condominiums have voted unanimously to accept an offer to sell their complexes to a developer. The identity of the buyer and the development plans are unknown (by me).

Update: Wednesday afternoon, PHSNA sent a note to members saying they’d received denials from both complexes that a sale was imminent. Stay tuned.

Depending on the development details, I for one, welcome the move to bring new blood and new building to the area. Here’s hoping for an architecturally interesting building that’s not a typical Mediterranean riff with terra cotta colored stucco and a splash of stone – that, I will fight.

Apartments or condos?  It’s 2016, so of course it will start out as apartments.  But it’s up to neighbors to ensure quality construction so that the eventual condo conversion can be done with a quality product.

(more…)