Dallas Is On FIYAH!
At Smart City, we are not here to B.S. you, so let’s talk truths. Dallas is BOOMING, and that’s not just based on how salty we are about the increase in traffic; the Texas A&M Real Estate Research center agrees, estimating that the population in DFW will double in the next 25 years. That‘s 11,000 people moving to North Texas each month! So no, you aren’t crazy – the line at Pecan Lodge is getting longer.
THE BREAKDOWN
- 11,000 people are moving to N. Texas each month
- 50,000 apartments are under construction in the area
- Average rent in Uptown is $2,500 a month
- Units are taken off the market in less than 30 days
- Average rent across DFW is approximately $1,000 for a one bedroom, and $1,400 for a two bedroom
- More affordable units are found further North, close or into the suburbs
What that growth means for all of us looking to rent is that prices are rising and competition is getting stiffer. NBC DFW reports that most rentals go off the market in less than 30 days, which is something we DEFINITELY agree with! Well priced units get leased right from under potential residents constantly, and prices can (and often times do) change every day. You have to be ready to jump when you see a good price, that’s just the reality of the Dallas rental market currently! We are quickly catching up to all of the other comparable large cities and surpassing the other big Texas cities (Dallas Fed knows what’s up) — I mean, we are the BIG D for a reason!
A great way to deal with the cost is to think about the area you want to be in. We get a lot of inquiries about Uptown (and for good reason because who doesn’t want to just walk next door for happy hour?), but the average rent down in this high demand area is $2,500 a month according to NBC DFW! Our agents call and visit properties in Uptown every day, and even a small studio in Uptown would look to start at $1,300, and would climb with additional amenities, upgrades, square footage, and bedrooms. We agree with Dallas Observer that the way to find cheaper prices is by moving further North into the suburbs of Dallas!
Rent Jungle is also a helpful tool to see what the average rent is in Dallas, with 1 bedrooms look to be $1,009, and 2 bedrooms at $1,465 at the time of this blog post! That falls in line with Dallas News report of average renters paying $1,076 in January 2016.
We totally feel you in your frustration because most of us are young renters, too! It’s a crazy market (literally, 50,000 apartments are under construction in Dallas), but we are knowledgeable and here to educate you while also finding you the best deal possible! Take some time to read through all of the articles we’ve linked (or just refer to our handy little breakdown below), and think about the most important parts of your apartment search, whether that be budget, amenities, location, or whatever is most important to you. We want to find you the best place possible, but we’re also at the mercy of the Dallas market! Our Instagram is where we post the absolute best deals we were able to find that day, so be sure to check that regularly and be ready to jump when you see the perfect spot!
