The cost to rent a North Texas apartment continues to rise dramatically as demand far outweighs available housing supply.
The average asking rent for Dallas-Fort Worth apartments rose 17.5% year over year in May to a record $1,488 a month, according to estimates by Dallas-based real estate technology firm RealPage. In the Dallas area, rents average $1,526 per month, while Fort Worth-area apartments cost $1,373.
“We’re looking every day for any sign of a slowdown, but it’s just not happening yet,” Parsons said. “Leasing activity remains brisk, rent growth remains elevated, turnover remains very low and renter incomes continue to reach new highs. Parsons said almost 58% of renters are choosing to renew their leases, well above the pre-COVID norm of around 50%. They may face renewal offers that look worse than they expected, but realize after shopping around that they have a good deal compared with what it costs for a new unit.
Parsons said renters’ incomes are growing quickly enough to keep up with the higher prices. People with newly signed leases made just under $75,000 in May, a record high, and are paying a median of 22% to 23% of their household incomes on rent, according to RealPage.
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