Dallas Rental Market Balanced
DALLAS (Dallas Business Journal) – An Apartment List report shows the city's rental market has relatively balanced supply and demand.
The report showed year-over-year rent growth in Big D was 1.8 percent. Rents are growing at a slower rate than the nation's 2 percent and the state's 2.1 percent year-over-year growth.
Some increase in rental prices is healthy and a matter of inflation, says Chris Salviati, a housing economist with Apartment List.
"Dallas has a strong economy with solid job growth driving demand, but the area has also been building a good amount of new housing to keep up with that demand," Salviati added. "For those reasons, I expect that rents in Dallas will continue to increase, but at a relatively modest pace."
The city's rental growth over the past 12 months and flat growth in the past month show builders are keeping up with demand, maintaining a healthy rental market.
The average rent for a two-bedroom apartment is $1,100, below the national average of $1,170.
Thanks for sharing @Jim Cummings !
Thanks for the info!
@Jim Cummings Good info. Thanks!
@Jim Cummings Would you agree it's fair to say that the (sellers) housing market is also helping the rental market? I'm leasing a home that is valued at around $400k, and paying close to $2k per month. No way I would buy that today. I see the same phenomenon with apts and condos.
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