Rent Report

Dallas rent relief continues with stable prices predicted for 2019

Carlisle & Vine Uptown Dallas apartments

At least rent prices aren't on the rise.

Rendering courtesy of Carlisle & Vine

Things are looking good for Dallas renters, according to Abodo’s year-end rent report. Dallas' relatively flat rents actually took a bit of a dip in 2018, and no major increases are on the horizon.

The report reveals that in 2018, the average Dallas one-bedroom unit was $1,160, down 0.86 percent, and two-bedroom units averaged $1,529, down 1.11 percent year-over-year. The key factors? A high supply of apartments and a strong economy.

Texas apartment boom
Last year, Texas' average rents increased by only 0.11 percent, mirroring what is happening in Dallas.

In many Texas cities, apartment construction ground to a quick halt in 2009 with new projects shelved as the recession dried up financing possibilities. Beginning in 2011, as credit finally began to loosen, Texas apartment construction was revived, and major areas like Dallas and Austin are now feeling the effects of numerous units appearing on the market at the same time.

Apartment supply spikes naturally take a while to present themselves, but as money is still flowing, we see no sudden decrease in available units, meaning no shortage of supply.

Economic factors
Texas has always been a boom-or-bust oil state, but as of early January, it looks like oil may have steadied itself. From a low of around $42 per barrel, oil has bounced back to around $52 per barrel. Additionally, West Texas producers have continued to cut production costs, and Exxon now says it can make money with oil at $40 per barrel.

With oil flirting with the magic $50 mark, West Texas should be okay, and that translates to a healthy Dallas economy. In fact, Plano was just named the seventh best city for job seekers, with Dallas at No. 26.

Rent stability
With a strong economy and abundant apartment supply, the trend toward rent stability continues in Texas, with the state's average rent increasing by only $4 in January 2019 from the level of $900 in December 2018.

In Dallas, January one-bedroom rent clocks in at $1,094, and a two-bedroom unit runs $1,430. This is a slight increase from December 2018, but the figures are still lower than the city's average rents for 2018.

However, renters should expect to pay a premium in some popular areas. According to Abodo's data, the priciest Dallas neighborhoods for one-bedroom rentals were Preston Hollow East: $2,900; Highland Park: $2,750; Brookshire Park: $2,195; North Oaklawn: $1,885; and Caruth Hills: $1,880.

Those looking for a steal should consider northeast, southern, and southeast Dallas.

reports rent

House For Sale

Dallas house for sale from the '50s is still in original condition

Courtesy

9203

There's a house for sale in East Dallas that's increasingly hard-to-find: a well-preserved home from the '50s for sale that's in nearly original condition.

The house is located at 9203 Lindaro Ln., just outside Loop 12 and walking distance to Bishop Lynch High School, in a stable neighborhood of homes build in the mid 1950s.

The listing by Bryant Nieves of Elite Real Estate Texas calls it a "beautifully preserved Mid-Century gem" with original hardwood floors in the downstairs bedrooms, a recently installed roof, a modern sprinkler system, and an upgraded AC unit.

There are multiple living spaces with a formal living & dining area, eat-in kitchen, and family room which includes an office nook with built-in desk. It has both a carport and attached 2-car garage, as well as a fully fenced yard.

Most of the homes in this neighborhood are 1,200 to 1,600 square feet, and priced from $250,000 to $350,000.

This house was built in 1957, but it differs in that it has a second-floor add-on over the garage — making it roomier at 2,202 square feet, with 5 bedrooms instead of the usual 3.

The two bathrooms are in original condition with '50s tile, both in good shape. The main bathroom has pale warm tan tile, almost flesh colored; the second bathroom, off one of the bedrooms, is a little prettier, with white tile and green-tile edging. Both are far superior to granite-look ceramic.

While both bathrooms merit admiration, this house is more about the wood. There are

original hardwood floors, all in great shape
wood doors including closet doors
wood paneling in the family room, with wood bookshelves and a build-in wood desk

There's also an odd wooden bookshelf that serves as a divider of sorts in the stacked formal living room.

The only room that looks unoriginal is the kitchen, which boasts white-washed '80s cabinets. It looks clean and functional, even if it does not match modern tastes.

Courtesy

Facade of 9203 Lindaro is pleasing, thanks to the unpainted brick.

It sits on a 7,535 sqft lot and the asking price is $395,000 — a bit optimistic, even if they find the rare buyer who sees value in an untouched '50s home.

sustainability home-for-sale