Rental Rates Rising in Dallas

The Dallas skyline is dotted with construction cranes, many working on new housing projects.

A recent study by Texas A&M Real Estate Research Center estimated the Dallas/Fort Worth population would double in the next 25 years.

Right now, 11,000 people move to North Texas each month. New housing can't keep up with the pace of growth. 

"The rental market is really hot right now," explained Russell Berry, President of MetroTex Association of Realtors. "Now we're kind of appreciating to the level of where other large cities like Dallas are."
As more people move to Dallas/Fort Worth, the area is losing some of its affordable housing edge. 
"Month after month, places that do have rentals, the prices have been skyrocketing," said Berry.
He said it's because the supply isn't enough to meet the demand.
"That's what's driving up rents."
The average rent in Downtown and Uptown Dallas is $2,500 a month. 
"In Dallas, $2,500 is a lot to pay for rent," said Berry.
Or it used to be.
Many new high-rise apartments rent far above the average price, and most rental rates fluxuate almost daily, based on demand. Rentals in Dallas stay on the market less than 30 days.
Berry says the rise in rents is impacting the home buying market.
"It's better to actually purchase a property than it is to rent because you're paying top dollar for your rental right now," Berry explained. "Right now buying is probably just as adventageous as renting because the prices are about the same."
And the interest rates are still low.
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