Rent hikes in Dallas are reportedly slowing, though it may seem like the opposite to renters.
In October, rents for Dallas-area apartments rose by an average of 10.5 percent from the same time last year, according to the latest update by researchers at Yardi Systems. While still one of the largest contributors to overall inflation, according to the Dallas Morning News, it’s considerably less than what it was in July, when the year-over-year growth exceeded 15 percent. The latest data signaled that nationwide apartment rent growth is stabilizing.
“Multifamily rents rose modestly in October amid weakening demand and decelerating year-over-year growth,” the analysts said. Nationwide, according to the October data, “year-over-year growth fell to 8.2 percent, the lowest level since the summer of 2021.”
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Regardless, Dallas still ranked fifth in the nation among metro areas with the greatest gains. Not to mention, area renters are spending an estimated 28 percent of their monthly incomes to keep a roof over their heads. The U.S. Department of Housing and Urban Development defines cost-burdened households as those “who pay more than 30 percent of their income for housing.”
Despite the higher costs, more than 58 percent of Dallas-area renters chose to renew their property leases rather than move, according to Yardi. This summer, apartment demand in the Metroplex dipped for the first time in five years. During the three-month period, net leasing declined by more than 5,000 units.
— Maddy Sperling