Earlier this month, Abodo Apartments released its October rent report, sharing rental price trends from September to October. As the fourth quarter in business begins for real estate companies, Abodo examined trends in the Dallas rental market and the major changes seen throughout the quarter.
What happened in the Dallas rental market last quarter? A few key findings include:
- Rent prices in Dallas decreased from July to the end of September by 5.12 percent.
- The median price of a one-bedroom apartment in Dallas in July was $1,293.
- The median rent price of a one-bedroom apartment in Dallas as of the end of September was $1,230.
- The median rent price of a two-bedroom apartment in Dallas as of the end of September was $1,639.
- Dallas ranks as the 22nd most expensive rental market in the country.
Now, what does this tell us about the rental market? Relief for renters in Dallas has finally come, and it might be here to stay. For the last few years, the Dallas area has led the nation in new apartments and construction projects. With so many new units finally coming to market in the area, the supply in Dallas is starting to catch up with the demand for rentals. When supply outweighs demand, rent prices will begin to come down from the all-time high levels that we saw in 2016 throughout the country.
With all that said, we anticipate that the rent growth seen in cities like Dallas may begin to slow, because of the huge boom in multifamily construction and luxury developments coming to market. Overall, the development and construction of new rentals will ultimately bring more units to market for local renters and limit the demand, minimizing leverage that landlords currently hold.
To gather this data, Abodo aggregates and analyzes data from the millions of verified listings on abodo.com. Each listing is paired with a five-digit ZIP code. Within each ZIP code, Abodo calculates the average price of one-bedroom apartments that are currently available for rent within a specified time period.
Courtesy of Dallas CultureMap