Sticker shock

Apartment rents increase dramatically in 2 Dallas-Fort Worth cities

Dallas’ median two-bedroom rent is below the national average.

Photo courtesy of Abodo

Across the Dallas-Fort Worth area, apartment rents are going up, with Arlington and Mesquite seeing price hikes of least 5 percent from 2017 to 2018, a new report shows.

Meanwhile, Plano had the highest DFW apartment rents in March, whereas Dallas had the lowest, according to the report, released by rental marketplace Apartment List.

Of the 10 major DFW cities tracked by Apartment List, only McKinney experienced a decline (0.3 percent) in apartment rents from March 2017 to March 2018.

As apartment rents climb in DFW, thousands of apartments are under construction, which likely will lead to more competitive pricing.

In March, The Washington Post reported that about 38,000 apartments currently are being built in DFW. That’s the second highest number of apartments under construction among U.S. markets, behind only New York City (about 60,000).

“In Dallas and other Sun Belt cities, the job growth is enormous and the cost of living is lower than in D.C. and New York, so more apartments are needed,” Julian Spiker, a market analyst with CoStar Group in Washington, D.C., told the Post.

Here’s a rundown of the rental rates for the 10 DFW markets monitored by Apartment List:

Arlington. Median rent for two-bedroom apartment: $1,200. Increase: 5.4 percent from March 2017 to March 2018.
Mesquite. Median rent for two-bedroom apartment: $1,310. Increase: 5.1 percent from March 2017 to March 2018.
Carrollton. Median rent for two-bedroom apartment: $1,080. Increase: 3.2 percent from March 2017 to March 2018.
Garland. Median rent for two-bedroom apartment: $1,220. Increase: 2.9 percent from March 2017 to March 2018.
Irving. Median rent for two-bedroom apartment: $1,190. Increase: 2.9 percent from March 2017 to March 2018.
Plano. Median rent for two-bedroom apartment: $1,410. Increase: 2.3 percent from March 2017 to March 2018.
Grand Prairie. Median rent for two-bedroom apartment: $1,220. Increase: 2.1 percent from March 2017 to March 2018.
Fort Worth. Median rent for two-bedroom apartment: $1,120. Increase: 2.1 percent from March 2017 to March 2018.
Dallas. Median rent for two-bedroom apartment: $1,100. Increase: 1.8 percent from March 2017 to March 2018.
McKinney. Median rent for two-bedroom apartment: $1,380. Decrease: 0.3 percent from March 2017 to March 2018.

“As rents have increased slightly in Dallas, a few similar cities nationwide have also seen rents grow modestly,” Apartment List says. “Dallas is still more affordable than most comparable cities across the country.”

While rents in the city of Dallas rose 1.8 percent from 2017 to 2018, they jumped even more in Houston during the same period — 2.8 percent. Year-over-year rent increases were lower in San Antonio (1.2 percent) and Austin (0.1 percent), according to Apartment List.

Dallas’ median two-bedroom rent of $1,100 is below the national average of $1,170. Nationwide, rents grew 2 percent from 2017 to 2018, slightly more than the 1.8 percent increase in Dallas, Apartment List says.

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population explosion

7 booming Dallas neighbors see biggest population growth in U.S.

City of Denton, TX - City Hall/Facebook

Denton had the biggest population growth rate in Dallas-Fort Worth from 2022 to 2023.

Denton, Mansfield, McKinney, and more North Texas cities are among the fastest-growing places in the country, according to a new population growth study by SmartAsset.

The report, "These Cities Saw the Largest Growth in Population – 2024 Study," examined U.S. Census population estimates for 2023, 2022, and 2018 to determine one-year and five-year population changes for 610 U.S. cities with populations of at least 65,000 residents in 2023 (where the most recent data was available).

Silver Spring, Maryland had the No. 1 biggest population boom nationwide from 2022 to 2023, SmartAsset found. The Washington, D.C. suburb grew 12.86 percent year-over-year, bringing the city's total population from 75,313 to 84,996 residents in 2023.

Denton took the lead over all other Dallas-Fort Worth cities with the 16th-largest one-year population growth rate in the U.S., at 5.32 percent. Denton gained over 8,000 residents from 2022 to 2023, bringing the city's total population to 158,361 in 2023.

This should come as no surprise to those who already live in Denton, who may know their hometown was ranked one of the safest suburbs in America.

Mansfield trailed close behind with a 4.16 percent increase in population during that same period, which landed it the No. 26 spot in the one-year population change analysis. The city gained 3,189 new residents in that time, adding up to a total population of 79,775 residents in 2023.

McKinney appeared farther down the list as No. 49 with just a 2.89 percent one-year growth rate from 2022 to 2023, and a total population of 213,504 residents.

Only four other Dallas-Fort Worth cities appeared in the top 100 fastest growing cities in the U.S. from 2022 to 2023:

No. 61 – Frisco (2.48 percent increase)
No. 72 – Rowlett (2.48 percent)
No. 73 – Lewisville (2.17 percent)
No. 99 – Flower Mound (1.73 percent)

The report suggested major population shifts in communities like Denton or Mansfield can result in "a variety of interwoven economic and social impacts."

"The magnitude of the population change can affect demand for businesses and services, which in turn may impact costs – or even the availability of such amenities," the report's author wrote. "Similarly, the relative age of the population can determine the strength or weakness of the local job market, as well as have an impact on local culture, economic trajectory, tax base and more."

Fast-growing cities elsewhere in Texas
Texas cities dominated the top 10 list of cities where population grew the most from 2022 to 2023.

New Braunfels, a San Antonio suburb, ranked No. 2 nationally with an 12.49 percent one-year population boom, and a 29.68 percent growth rate from 2018 to 2023. The city gained 12,318 new residents in that time, adding up to a total population of 110,961 residents in 2023.

Just two spots behind New Braunfels is the North Austin suburb of Georgetown (No. 4), which grew 11.34 percent to 96,317 residents in 2023. According to the report's five-year population change analysis, Georgetown ranked seventh with a 29.85 percent growth rate.

The Houston suburbs of Atascocita and Conroe ranked No. 5 and No. 9, respectively. Atascocita's total population grew to 119,502 residents in 2023, which represented a 11.03 percent growth rate from 2022, and a whopping 38.56 percent population increase since 2018. Conroe's 6.73 percent one-year population increase paled in comparison, but the city grew 23.49 percent during the five-year period from 2018 to 2023.

The top 10 U.S. cities where population grew the most from 2022 to 2023 are:

No. 1 – Silver Spring, Maryland
No. 2 – New Braunfels, Texas
No. 3 – Glen Burnie, Maryland
No. 4 – Georgetown, Texas
No. 5 – Atascocita, Texas
No. 6 – Pine Hills, Florida
No. 7 – Elgin, Illinois
No. 8 – Lehi, Utah
No. 9 – Conroe, Texas
No. 10 – Dale City, Virginia

population growth reports smartasset dallas fort worth denton suburbs mansfield