Dallas, TX

Rent hikes in Dallas-Fort Worth are the most exorbitant in the nation

Jalyn Smoot

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By now, we're all aware of the housing crisis in America. All across the country, rent prices for apartments and homes have surged well beyond previous industry standards.

Higher rents are linked to the continuing rise in home prices. In 2021, the Case-Shiller housing price index rose 18.8%. This is the highest calendar year increase in 34 years of data and substantially ahead of 2020’s 10.4% gain, according to a Forbes report.

The national real estate brokerage Redfin showed January’s average asking rents for housing is up 15.2% from last year. Despite rent being at an all-time high across the country, Dallas-Fort Worth still outpaces the nation in rent hikes.

Rents in Dallas are up by 17% year-over-year and 22.8% since the start of the pandemic in March 2020, outpacing the national average in both categories.

Rents in Dallas jumped 2% month-over-month in June, compared to a 1.3% increase nationally, according to the latest report by rental platform Apartment List.

Median rents in the city of Dallas stand at $1,218 for a one-bedroom apartment and $1,455 for a two-bedroom.

Again, prices aren't just up, they have set an entirely new standard for what it takes to live in the DFW.

Rent rates are even higher in other DFW cities than just Dallas. In Allen, for example, rent is up 18.8% year-over-year.

Most apartments in the Frisco and Plano area have increased rent by hundreds of dollars in the last year.

With a wave of tech companies, California residents, and business headquarters heading to Dallas, prices for homes and apartments in the area have spiked as landlords try to reap the benefits.

To help meet the severe housing need, Dallas has been actively adding new units across town, but the prices for them are sky-high.

The year-over-year rent rates vary throughout Texas but are consistently above the national average.

Houston is up just 10.2%, San Antonio is 14.5% higher, Fort Worth is up 15.7%, and Austin has jumped 19.2%.

The median two-bedroom apartment is renting for $1,278 in Houston, $1,299 in San Antonio, $1,310 in Fort Worth, and $1,792 in Austin.

Recently, Collin County made a national list of 25 other counties in the U.S that are now deemed 'unaffordable' based on median income and home ownership costs.

With a median home price of $403,500 and a median income of $50,681, houses in the county north of Dallas are, by and large, no longer affordable for folks who already live there, according to an analysis by personal finance website MoneyGeek. 

Housing prices in Collin County — home to cities including Plano, Frisco, McKinney, and Prosper — are 27% higher than they were three years ago.

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University of North Texas Alum • Freelance Reporter

Dallas, TX

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