Rent rates across DFW increasing month-to-month

Rental prices increase in North Texas

DALLAS - New apartment buildings are going up across the City of Dallas. Some tenants say they are seeing rental rates increase month to month.

"I've been noticing the trend since I've been renting," said Rebecca Shaeffer, a young professional who rents in the trendy Uptown area.

The newly published April 2017 Dallas Rent Report shows prices across the city remain above the national media. On average, one-bedroom apartments were leasing for $1,260. Two-bedroom units were renting at $1,760.

Realtor Abraham Ely is not surprised by the rental trends either.

He said, "A lot of job relocations, and graduations. There is a lot of opportunity here in Dallas."

Ely is an agent with Dallas Apartment Finders, a group that helps renters find apartments that meets their needs. The free service is located directly above Mi Cocina in West Village. Ely says he makes it his business to study the market trends.

The Rent Report shows the City of Frisco has the second highest rent prices in Dallas-Fort Worth. Plano is the third highest. Ircinig has the fifth highest rental prices in the metro area.

Ely added, "Uptown. Uptown is increasing like crazy. If we can't place someone within their budget here in uptown, we're looking in the little areas around it. There's Oaklawn, Turtle Creek, the Medical District."

Tenants may be noticing sticker shock in cities like Arlington, Mesquite, and Carrollton. The Report shows those cities are seeing some of the fastest-growing rent rates.

Realtors and renters say they are not optimistic the rates will trend downward anytime soon.

Schaeffer said, "I think that they'll pretty much remain where they are and keep increasing."

Realtors say rent rates tend to increase between the months of May through August.

© 2017 WFAA-TV


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