Apartment rents in Dallas declined 0.2 percent over the past month, but they’re up 1.1 percent year-over-year, according to a survey by Apartment List.
Median rents in Dallas stand at $914 for a one-bedroom apartment and $1,136 for a two-bedroom. May is the second straight month that the city has seen rent decreases after an increase in March, the survey says.
Dallas’ year-over-year rent growth leads the state average of 0.6 percent, as well as the national average of 0.8 percent.
Dallas’ median two-bedroom rent of $1,136 is below the national average of $1,194.
Over the past year, rent has increased across Dallas-Fort Worth. Of the largest 10 cities that apartmentlist.com tracks in DFW, nine have seen prices rise.
The fastest rent growth occurred in McKinney, with a year-over-year increase of 1.8 percent, according to apartmentlist.com. The median two-bedroom rental there goes for $1,453, while one-bedrooms go for $1,170.
Irving has had the biggest drop in rent in DFW over the past month, sliding 0.4 percent. Median two-bedrooms there cost $1,242 monthly, and one-bedrooms rent for $999.
Plano has the most expensive rents of the largest cities in DFW, with a two-bedroom median of $1,461 monthly. Rents in Plano fell 0.4 percent over the past month but rose 1 percent over the past year.
Rents are cheapest inside Dallas city limits, with a two-bedroom median of $1,136. Rents in Dallas dropped 0.2 percent over the past month but were up 1.1 percent over the past year.
Dallas rents are more affordable than many similar cities nationwide and are increasing at a slower pace than most. Rents increased slightly in other cities across the state.
Texas overall posted rent growth of 0.6 percent over the past year, according to apartmentlist.com. Rents grew by 1.3 percent in Austin and 0.1 percent in Houston.
As of May 13, just 123 units had been absorbed in North Texas, putting net absorption is on track to fall nearly 90 percent year over year. according to ApartmentData.com. In May 2019, North Texas saw 3,362 total units absorbed.
Publication: Dallas Business Journal