Rent Report

Dallas home to most expensive rent in Texas, shows new report

The most expensive rent in Texas is here in Dallas.

Photo courtesy of Abodo

In July, a midyear report from Abodo found Dallas’ rents rose a monthly average of 1.12 percent, despite a nationwide year-to-date change of $0. As it turned out, that trend reversed course somewhat for the remainder of the year.

According to a recent rent report by Abodo, the early months of 2017 saw stability and decreases for much of the country, while rent for Dallas apartments steadily rose. In the last three months of the year, the nation felt steep increases, while Dallas saw its greatest rent decreases of 2017: down 2.8 percent in October, and another 2.5 percent in November.

May (4.5 percent), June (5.1 percent), and July (4 percent) brought the highest monthly increases of the year, which could bolster a recent movers survey that found spring and summer were the most popular months to move. (The survey was directed at homeowners, but given the correlating months of rent jumps, it seems renters share the sentiments.)

Dallas ended 2017 with a median one-bedroom rent of $1,208 — the highest in Texas — and an average monthly increase of 0.71 percent, compared with 0.21 percent nationwide. The year low of $1,096 was reached early on, in February, and surged to a high point in August, with $1,293.

Compared with statewide averages, Dallas’ numbers could look better. Average monthly one-bedroom rent in Texas in 2017 was just $882, and the state saw an average monthly increase of 0.5 percent. El Paso and Lubbock saw some of the country’s largest monthly decreases of the year, dropping an average of 1.9 percent and 1.4 percent a month, respectively. Corpus Christi, meanwhile, had the opposite trend, landing at No. 5 nationwide for highest average monthly increase: 1.9 percent. Apartments in Houston (0.78 percent), San Antonio (0.84 percent), and Corpus Christi were the only cities in Texas to outpace Dallas in average monthly increases.

Texas was one of 28 states that saw an overall rent increase in 2017, mainly in the South, Northeast, and Plains states. These numerous increases pushed the national median one-bedroom rent price up 2.4 percent, from $1,016 in January to $1,040 in December.

Moving into 2018, national rents climbed a bit, 0.6 percent, to $1,046. Although still well ahead of the national median, Dallas rents increased by a much smaller margin for January, up 0.1 percent to $1,210.

The state’s housing market is poised for change in 2018 — between the new tax bill and recovery from Hurricane Harvey — but if it’s anything like 2017, Dallas renters have three more months to enjoy the moderate rents before a summer surge. For more on where rents are rising and falling the fastest, visit Abodo’s 2017 Annual Rent Report.

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homebuyer power play

Dallas declared one of the top 10 buyer's markets in the U.S. right now

joe daniel price/Getty Images

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The tide has turned for the Dallas housing market, and buyers now have more power than ever to negotiate on their forever home, a new real estate report has confirmed.

Dallas has now become one of the top 10 strongest buyer's markets in the nation with sellers outnumbering buyers by 107 percent, Redfin's newest market trends report found.

Nationally, sellers outnumbered buyers by 58 percent in August 2026, which Redfin says is the largest gap on record. Out of the 49 most populous metros in the U.S., only five are considered seller's markets, and eight are considered "balanced" markets where the number of buyers and sellers are nearly equal.

That leaves the remaining 36 most populated U.S. metros as buyer's markets, which includes the biggest cities in the Lone Star State. In fact, four Texas cities rank among the 10 strongest buyer's markets in the country right now: Houston (No. 3), San Antonio (No. 6), Austin (No. 7), and Dallas (No. 8).

There were 30,854 sellers on the market in Dallas last month, more than double the amount of buyers (14,865). The market's tilt in favor of house hunters allows more legroom to be picky with the increased supply of available housing, while falling demand indicates less competition with other buyers.

"In most markets, buyers should negotiate on price and ask for concessions like repairs or help with closing costs," said Redfin senior economist Asad Khan. "Buyers shouldn’t assume every seller will budge, especially on a desirable home that’s already priced well, but they don’t need to rush into a deal that doesn’t feel right."

For sellers that want to stand out in a saturated market, Redfin suggests they should price their homes competitively and be prepared to negotiate.

A separate Redfin report found mid-September is the best time for Dallasites to buy a home, but other experts say hesitant shoppers have until early October to take the plunge.

Regardless of the timeline, the report warns that the recent surge of available housing is only beneficial for homebuyers that can afford it.

"High housing costs and widespread economic uncertainty have caused many would-be buyers to back off in recent years, creating the imbalance of buyers and sellers we see today," the report said.

The median price of a home in Dallas came out to $408,561 in August, though 79 percent of all home sales in the city sold for below their original asking price.

The top 10 strongest buyer's markets in the U.S. are:

No. 1 – Nashville, Tennessee
No. 2 – Miami, Florida
No. 3 – Houston, Texas
No. 4 – Orlando, Florida
No. 5 – Las Vegas, Nevada
No. 6 – San Antonio, Texas
No. 7 – Austin, Texas
No. 8 – Dallas, Texas
No. 9 – Atlanta, Georgia
No. 10 – Phoenix, Arizona

"Nashville, Texas, and Florida are home to robust buyer’s markets partly because they have some of the most active homebuilding pipelines in the country, with newly built homes continuing to hit the market even as demand cools," the report said.

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