Local rent increases below national average.
The cost of renting a house continues to climb.
But the rent increases in the Dallas area are less than in a lot of U.S. markets.
Nationwide single-family rental cots were up 3% in August from a year ago, according to a new report from CoreLogic.
That’s well ahead of the 2.4% year-over-year rent increase in the Dallas area.
Some U.S metro areas are seeing significant home rental cost hikes.
Rents are up 6.6% this year in Phoenix and are 5.8% higher in Las Vegas.
“National rent increases have settled in around 3% over the past year, and the rate of increase for entry-level rentals has eased over the past six months,” Molly Boesel, principal economist at CoreLogic, said in the report. “However, home-buying affordability remains a top concern across generations and is keeping many consumers in the rental market.
“If this trend continues, we may see another uptick in rent price growth in the coming year, particularly in urban areas where we’re seeing increasing demand from millennials.”
Rents for North Texas single-family homes are growing at a slightly lower rate than apartments.
In the third quarter, D-FW average apartment rents were 2.9% higher than a year earlier.
Single-family home rentals area a popular option for a large number of families.
Investors have bought up thousands of houses to operate as rentals.
By Steve Brown
7:09 AM on Oct 15, 2019