A recent New York Times article suddenly shot Euless to superstardom as the best place to live in the U.S. But now it has another, more dubious claim to fame: It’s the Dallas-Fort Worth city with biggest sticker shock for renters last year.
An analysis by the Zumper website of rents in 14 DFW cities found the typical rent for a one-bedroom apartment in Euless jumped a whopping 25.3 percent from December 2020 to December 2021. That ranks as the steepest increase among the 14 cities. A one-bedroom apartment in Euless currently rents for $1,140 (which is low compared to some other local cities, like Frisco — keep reading).
Irving and Lewisville weren’t far behind Euless for the year-over-year rise in rent for a one-bedroom apartment. In Irving, the typical rent went up 24 percent to $1,290. Lewisville saw the typical rent for a one-bedroom apartment climb 23.8 percent to $1,300.
Only one of the 14 cities witnessed a single-digit rise in the rent for a one-bedroom apartment in December 2021 compared with December 2020. In Fort Worth, rent increased 6.7 percent to $1,120.
By comparison, the rent for a one-bedroom apartment in Dallas climbed 14 percent from December 2020 to December 2021, landing at $1,380.
Meanwhile, the Zumper analysis shows the region’s highest December 2021 rent for a one-bedroom apartment was in Frisco ($1,530, up 21.4 percent from December 2020). Next in line were Richardson ($1,460, up 15 percent) and Plano ($1,430, up 19.2 percent).
At the other end of the scale, Arlington claims the cheapest rent for a one-bedroom apartment — $1,000, up 11.1 percent from a year earlier. Arlington is preceded by Denton ($1,050, up 10.5 percent) and Garland ($1,090, up 17.2 percent).
The rise in DFW apartment rents reflects more demand than supply. From 2010 through 2020, North Texas has ranked first for apartment demand among U.S. metro areas, according to RealPage, a supplier of apartment data and analytics.
A new report from ApartmentData.com shows the December apartment occupancy rate in DFW stood at 93.4 percent. That was the highest occupancy rate among the state’s four major metro areas.
“In what has been a remarkable bounce-back year for the multifamily industry nationally, the Dallas-Fort Worth market has been the leader in both new supply and apartment demand,” ALN Apartment Data reported in October.
Publication: Culture Map