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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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.

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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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millennials renting

Photo: Billingsley Company

We’ve all heard the sad story of Millennials living with their parents, drowning in student debt, and working at Starbucks with liberal arts degrees.

While part of that image is accurate for a percentage of the U.S. population—a recent Pew Research Study showed 32 percent of Millennials do live with the folks—a larger percentage of those 18 to 34 years old live independently (48 percent). And a lot of them are renting.

Millennials are often drawn toward renting versus buying, in part because of that student loan debt. They also like the flexibility of being able to take advantage of new economic opportunities by not being tethered to a mortgage. These are free spirits.

“For Millennials, life is about experience over ownership,” said Sumner Billingsley, a managing partner of The Brickyard in Farmers Branch. “Thoughtfully designed apartments and rental townhomes give [them] the ability to enjoy creative and unique design elements that are typically reserved for single family homes, but at a budget [they] can afford.”

So what are the top five considerations of today’s Millennial looking for a temporary dwelling? The Billingsley Company did some research and came up with a list.

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oak cliff income propertyIf the idea of having someone else help pay your mortgage is appealing, then consider the up-down duplex in North Oak Cliff at 1216 Kings Hwy.

Listed for $375,000 by Kathy Hewitt and Steve Habgood with the Hewitt Habgood Group of Dave Perry-Miller Intown, this duplex has two 2-1 units. Both are currently rented out to solid, long-term tenants on month-to-month leases, but they are priced under market value. Habgood said the market rate for these units could bring in as much as $3,000 per month. For a property listed under $400K, that would likely cover the entire note, and then some!

The current owner has purchased the property 16 years ago, and lived in the upstairs unit for nine years, Habgood said. The Craftsman home was built in 1923, and he has done a lot of restoration work. He replaced the concrete footers and headers in front, put in new brick support beams, insulated all the exterior walls and attic, added a two-car detached garage, and added new electrical and HVAC to both units. He also sanded and repainted the exterior with Tex-Cote paint, a thicker paint with special reflective pigments that can lower surface temperatures significantly, meaning lower heating and cooling bills.

Let’s take a look inside this Craftsman duplex and check out its potential as an income property.

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Hottest Rental Markets in the US CROP

High rates of student loan debt, increasing interest rates, and a still slow job market in most of America will send rental rates among Millennials sky high, resulting in 46.8 million American renters in 2015. That’s according to Real Property Management, who sent us this interesting infographic on the tastes and mindset of Millennial renters. (more…)