DALLAS — Rent continues to rise drastically in the Dallas-Fort Worth area.
According to Dallas-based real estate technology firm RealPage, the average rent cost for apartments in the DFW area rose 17.5% year over year in May 2022.
The average lease renewal cost in DFW rose 10% from last year.
Carl Whitaker, director of research and analysis at RealPage, said the sharp rent increases largely stem from the area’s explosive economic growth.
“DFW has been a juggernaut in a lot of ways,” Whitaker said. “What we saw over the past two years was a lot of growth has been sped up and that’s created today’s housing conditions with a lot of demand and not enough supply there to meet that demand. It’s a tough challenge.”
In the Dallas area, the average monthly rent for an apartment costs $1,526 per month.
In Fort Worth, renters are paying an average of $1,373 for an apartment.
“We’ll eventually see some sort of normalization in the market,” Whitaker said.
The slowdown in rent increases isn’t happening yet, and for a University of Texas at Arlington graduate student who did not identify himself by name to WFAA, it can’t come soon enough.
The international student’s apartment complex near campus raised his rent by nearly $200 for his upcoming lease renewal.
“As college students, we have limited income, unless you rely on your parents,” he said.
Despite lease renewal increases, Whitaker said 58% of those renting an apartment are choosing to stay in place as opposed to moving elsewhere.