August 2018 Dallas Rent Report
Welcome to the August 2018 Dallas Rent Report. Dallas rents increased over the past month. In this report, we’ll evaluate trends in the Dallas rental market, including comparisons to cities throughout the metro, state, and nation.
Dallas rents increased slightly over the past month
Dallas rents have increased 0.2% over the past month, and have increased marginally by 0.5% in comparison to the same time last year. Currently, median rents in Dallas stand at $890 for a one-bedroom apartment and $1,110 for a two-bedroom. This is the sixth straight month that the city has seen rent increases after a decline in January. Dallas’ year-over-year rent growth lags the state average of 1.9%, as well as the national average of 1.2%.
Rents rising across the Dallas Metro
Throughout the past year, rent increases have been occurring not just in the city of Dallas, but across the entire metro. Of the largest 10 cities that we have data for in the Dallas metro, 9 of them have seen prices rise. Here’s a look at how rents compare across some of the largest cities in the metro.
- Carrollton has seen the fastest rent growth in the metro, with a year-over-year increase of 3.6%. The median two-bedroom there costs $1,370, while one-bedrooms go for $1,100.
- Over the past year, McKinney is the only city in the metro that has seen rents fall, with a decline of 2.7%. Median two-bedrooms there cost $1,400, while one-bedrooms go for $1,130.
- Plano has the most expensive rents of the largest cities in the Dallas metro, with a two-bedroom median of $1,430; rents grew 0.5% over the past month and 0.8% over the past year.
- Dallas proper has the least expensive rents in the Dallas metro, with a two-bedroom median of $1,110; rents increased 0.2% over the past month and 0.5% over the past year.
Dallas rents more affordable than many comparable cities nationwide
As rents have increased in Dallas, other large cities nationwide have seen rents grow more modestly, or in some cases, even decline. Dallas is still more affordable than most similar cities across the country.
- Rents increased moderately in other cities across the state, with Texas as a whole logging rent growth of 1.9% over the past year. For example, rents have grown by 3.6% in Houston, 0.6% in Austin, and 0.4% in San Antonio.
- Dallas’ median two-bedroom rent of $1,110 is below the national average of $1,180. Nationwide, rents have grown by 1.2% over the past year compared to the 0.5% increase in Dallas.
- While Dallas’ rents rose over the past year, some cities nationwide saw decreases, including Seattle (-2.4%) and Nashville (-0.1%).
- Renters will find more reasonable prices in Dallas than most other large cities. For example, San Francisco has a median 2BR rent of $3,090, which is more than two-and-a-half times the price in Dallas.