Dallas, Texas ranks first for major Texas rental markets

DALLAS — The Dallas-Fort Worth rental market at present sits at a 92.4% occupancy, with a median rental price of $1,497 per thirty days on 881 sq. toes of house.

That’s in line with a December 2022 survey of all residence communities from ApartmentData.com, which revealed that Dallas’ occupancy price is greater than all different major Texas markets, together with Houston (90.6%), San Antonio (90.4%), and Austin (90.8%).

In RentCafe’s Texas Year-End Report, Dallas ranked third as Texas’ best rental market behind El Paso and McAllen.

In evaluating how aggressive markets have been, the report took under consideration the variety of days leases have been vacant, the share of flats occupied by renters, the variety of potential renters competing for an residence, the share of renters who renewed their leases and the share of recent flats accomplished in 2022.

New provide hitting El Paso and McAllen was minimal, which brought about competitors for current models that already had excessive renewal charges to skyrocket and accounted for the communities’ excessive marks on Rent Cafe’s index.

DFW noticed the other drawback when it got here to the supply of recent rental models.

Helped alongside by in-migration, favorable native tax legal guidelines, extremely rated faculty districts, a thriving job market, and an incredible number of sports activities and leisure venues, the area ranked first in new building begins from 2012 to 2021.

Dallas-Fort Worth at present has an working provide of three,392 communities, with 815,647 models.

In the final 12 months, 78 communities opened, bringing 21,032 models to the market. In the subsequent 24 months, the area is predicted to see 68 communities, totaling 18,997 models, come to the market primarily based on what’s at present beneath building.

Over the previous three months, Denton, Northwest Dallas/Bachman Lake, and Far South Dallas/Waxahachie have been the most well liked submarkets within the area.