The August 2021 Dallas Rental Report, which evaluates the trends in the rental market, including a comparison of the metro, state and nation, shows that rent has increased over the last month.
According to the report, the rent throughout Dallas has increased 2.6% over the past month and has risen 9.3% in comparison to the same time last year, according to a statement by ApartmentList.com.
The median rent for properties in Dallas, the statement said, is $1,088 for a one-bedroom apartment and $1,305 for a two-bedroom, which is the seventh-largest straight month of rental increase that the city has seen since a rental decrease in December 2020. Year-over-year, the current rental lag growth has increased to an average of 9.6%, which is slightly below the national average of 10.3%
Of the largest metropolitan areas, Dallas has seen prices increase, according to the data. McKinney has seen the fastest rent growth in the metro with a year-over-year increase of 15.7%, according to the statement. The median two-bedroom costs $1,575 and one-bedrooms go for $1,355.
The second-largest growth has been seen in Plano, with a two-bedroom median of $1,732, an increase of 3.3% and 14.7% over the past year. Fort Worth has witnessed a growth of $1,221 for a two-bedroom rental, which calculates to 2.0% over the past month and 8.8% over the last year.
While Dallas rent is more affordable than other large cities throughout the nation, rent increases within Dallas and Dallas suburbs are among the top in the nation. Throughout Texas as a whole, rental increases are up 9.6% over the past year, including growth of 14.9% in Austin, 9.1% in San Antonio and 6.0% in Houston, according to the report.
Data concluded for this study is collected by a variety of private cites and "tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings" the release said.
For more information, visit the methodology report of this study or apartmentlist.com.