DALLAS, TX – If you’re in the market to rent an apartment in Dallas, the numbers are beginning to tell the story of a COVID-19 recovery.
Year-over-year rent growth in Dallas was 1.1 percent in April compared with 0.7 percent a year ago, according to the May 2021 Dallas Rent Report compiled by Apartmentlist.com.
That increase might not sound earthshattering, but it’s part of a national trend. Nationally, the increase was 2.3 percent, the biggest monthly jump in the national index since Apartmentlist.com started tracking the data. Rent growth has been outpacing previous-year averages for several months, indicating that this year’s moving season could be historic.
Although its increase seemed minuscule, Dallas’ increase was the fourth consecutive month it has registered rent gains after a decline in December 2020.
In the Zillow Observed Rent Index, the rental market showed rebound signs, rising for the third consecutive month, and making up ground after the pandemic-fueled slump. The index rose to $1,722, up 0.9% from February, the largest month-over-month increase in any March on record, and up 1.1 percent from March 2020. In the Zillow index, Dallas-Fort Worth registered a $1,548
At Apartmentlist.com, Dallas’ rental growth ranked 54th among the nation’s 100 largest cities. The median rent for a one-bedroom apartment in Dallas is $1,013, and $1,215 for a two-bedroom. As a comparison, San Francisco’s 2BRs go for $2,496, more than twice the Dallas price.
According to Apartmentlist.com, the largest 10 Dallas-Fort Worth cities have seen rental increases. Arlington had the fastest growth with a year-over-year increase of 72 percent. Median 1BR rent costs $1,034 while a 2BR is $1,262. Plano has the most expensive rent with a 2BR median of $1,589.
Fort Worth has the least expensive rents in D/FW with rents increasing 1.3 over the past month and 2.8 over the past year.
Statewide, Texas had rent growth of 1.7 percent over the past year. Rents have grown by 3.3 percent in San Antonio and 1.5 percent in Austin.
