Dallas Apartment Building Boom Isn't Helping High Rent Prices

Experts give advice on how to save money

The building boom of apartments in Dallas is among the top in the nation.

A study conducted by apartment search website Rent Cafe shows more than 10,000 new apartment homes were built in Uptown and Oak Lawn alone.

More people are moving to Dallas than ever before and that's why rent prices are rising. As fast as new apartment buildings go up, thousands of new renters pop up too.

The extra apartment inventory is doing little to impact pricing.

Chris Nolan works with Smart City Locating.

Smart City helps people find the perfect apartment.

Nolan said young professionals make up a big part of the demand, but there's also a large influx of people already in DFW who are focused on moving to downtown Dallas.

"They don't have a yard to take care of, it's all managed for them," said Nolan. "If a light bulb burns out, they call down to a 24/7 concierge who comes up and fixes it."

Nolan said there are steps you can take to save money.

May through August are the busiest season for moves and new leases.

If your lease expires then, he encourages you to sign a 15-month lease, so that when it expires you're out of the busy season and able to take advantage of signing when prices are not as expensive.

Look at brand new buildings. Often, builders will offer great deals to quickly fill a new apartment building before passing it along to a management company who will typically charge more. Getting in early could save you a significant amount of money.

Also, if your rent is not increasing at significant levels, don't move. You may see a new shiny building, but a good price now could mean high prices later.

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