DALLAS — Does it feel like you started on the ground floor apartment, but the rent elevator (the one that only goes up) has made you feel like you are now in the penthouse? You’re not alone.
According to apartmentlist.com, Dallas-Fort Worth rents have soared 15.3% in the last year. That is substantial, but it is still below the national average of 17.7%.
Of course, that consolation doesn’t help you come up with your (increased) monthly payment.
But in some micro-markets in D-FW, tenants have experienced rent increases that easily eclipse the national average.
Apartmentlist.com found many areas in North Texas where rent has jumped by more than 20% in the last year:
- Coppell 30.6%
- The Colony 30.6%
- McKinney 24.5%
- Plano 23.2%
- Flower Mound 23.2%
- Lewisville 23%
- Richardson 21.8%
- Frisco 21.5%
- Euless 21.4%
- Carrollton 20.8%
After surges like those, it’s not surprising that many renters have declared they are ready to own.
But we have seen aggressive home price appreciation in the last year as well. Prices rocketed 17% higher in Dallas and 18.6% in Fort Worth, according to the Texas A&M Real Estate Research Center.
That has been enough to leave many potential buyers on the sidelines. So, this may come as encouragement for some: Much slower price growth is expected next year.
Also, the Texas A&M Real Estate Research Center says home inventory is still crazy low, especially for anything under $299,000.
But they report that price point recently grew faster than any other in new listings statewide. And they say more homes are coming - 38,000 new homes are underway right now in the big-city Texas triangle (D-FW through Austin, to San Antonio, across to Houston, and back up to D-FW), including an all-time high of housing starts here in North Texas.