All tenants have received this message, but there is no doubt that it has been hurting more lately.
Rents have risen across the country in the past year. Everyone seems to be talking about it. Yesterday Dallas Morning News It was reported that apartment rents in the Dallas-Fort Worth area increased more than 17 percent in 2021.
“So many of the annual numbers you read about and see now are pretty amazing,” says Tom Gilmore, co-founder of Apartment Advisor.
Part of the reason rents are growing so much, Gilmore says, is that increased home prices have pushed many back into apartments, which then drives up rents. “You just have to do the simple economics of supply and demand.”
In addition, everyone continues to move to Dallas. Gilmore, citing data from Richardson-based RealPage, says about 70,000 new renters have come to Dallas-Fort Worth. Although Dallas alone did not do well in the decimal census. Most of the movement takes place in the surrounding suburbs. In general, North Texas boasts a lower cost of living, more affordable housing, and a thriving local economy, Gilmore says. This creates a lot of demand. But thanks to shortages in the supply chain, there are not enough new apartments to keep up with demand.
“All of this created this perfect little storm where rental prices skyrocketed,” Gilmore says.
After chatting with Gilmore, we dig into the numbers to really understand what’s going on with Dallas tenants.
Texas was the country #1 Growth status in 2021.
U-Haul ranked the United States on the number of one-way trips taken by trucks in each state, and Texas ranked first for the first time since 2018.
50.2% From one-way traffic in Texas were arrivals.
According to the company’s January 3 report, many of these arrivals come from the east and west coasts.
Californians are really moving to Dallas.
It’s a common gripe for many struggling Texans trapped in traffic, but there are some merits to this statement: top 3 The original cities for DFW transplants are Los Angeles, Chicago and Phoenix, Zillow reports. Dallas is also the number one destination for former San Diego expats.
The top 3 The must-see Dallas neighborhoods in 2022 are Oak Cliff, Lake Highlands, and Old East Dallas.
Apartment Advisor identified these sites by looking at the interest of their users in recent months. These neighborhoods veer cheaper than other locations in Dallas. The average rent for Oak Cliff, Lake Highlands, and Old East Dallas is $1,099, $990And the 1183 USD, Straight. Gilmore says there is a demand among renters for affordable properties, “because their dollars haven’t made that much right now.”
By the end of November 2021 only 9 percent Greater Dallas apartments offer discounts on rent.
This means the complexes do well at filling apartments, and don’t necessarily need to attract new renters with discounts, according to the January Apartment Association of Greater Dallas. roof lines the case. In fact, rents are increasing.
One-bedroom apartment rents increased 5 percent Since last August.
This compares to 9% increase in houston and 3% increase In Austin, Gilmore says. Dallas is currently ranked in 29The tenth The most expensive city in America.
Gross rent has grown in Dallas 15.8% last year.
This number is lower than the national average 17.8%, according to apartmentlist.com’s Dallas rental report. but, 10 Cities in the DFW region saw more than 20 percent of the rise. For example, McKinney and Kobel’s rents rose 25.7% And the 29.4 percentStraight.
Dallas is still cheaper than Austin.
The average rent for a one-bedroom apartment is 1250 USD in Dallas while $1,449 in Austin. “Its markets are still fairly inexpensive compared to New York, San Francisco, and even Bostons in the world,” Gilmore says.
more than 16000 New apartment rentals started last year.
The AAGD writes that the number of new units built in the apartment complexes was similar to previous years, but demand easily exceeded building rates. It might be a permit issue.
97 percent of Dallas-Fort Worth apartments are full.
That number is certainly high, Gilmore says, and 2022 will likely continue to see rent increases, but “it probably won’t stay that way forever.”
Katherine Wendlandt is the online assistant editor at d . magazineLiving and Home and Garden blogs, covering all…