Those of us who own rental properties can get ready to fatten our checkbooks: rents are going up in Dallas, by 5%. According to an MSN Real Estate Report, at the end of 2012 the average rent paid in Dallas was $802. I honestly do not know of anyone with rent this low, do you? Rents in Dallas increased 3.9% from 2011, the vacancy rate was only a bit over 5%, and rents are forecast to increase 5% by the end of this year. What might make those rents go up? Scarcity of product. It won’t be scarce for long: an apartment boom has about 20,000 units currently going vertical in Big D, vacancies are down, and demand is up. Dallas is one of ten cities where rents are projected to be on the increase.
Me, I’d rather just buy: the median price for a single-family home in the metropolitan area, which includes Fort Worth and Arlington, was $157,200 at the end of 2012, according to NAR and as reported by MSN Real Estate. When you have landlords like me who will raise rent at a headline glance, I’d rather have a 30 year fixed mortgage on my secure nest egg of a house. Agree?