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.