Cost-of-living concerns

This Dallas neighbor sees area’s biggest one-year spike in apartment rent

This Dallas neighbor sees biggest one-year spike in apartment rent

Tribeca Apartment Homes in Plano, Texas
Rents rose more than 17 percent in Plano last year. Photo courtesy of Tribeca

Of the five largest cities in Dallas-Fort Worth, Plano has witnessed the biggest one-year jump in the average rent for a one-bedroom apartment, according to new data from rental platform Zumper.

From February 2021 to February 2022, the average rent for a one-bedroom apartment in Plano rose 17.1 percent to $1,440, Zumper says. Irving ranked second in DFW, with a 16.7 percent year-over-year spike in the average rent for a one-bedroom apartment. Irving’s average rent stood at $1,330.

Dallas landed at No. 3 in the region, with a 13.4 percent jump in the average rent for a one-bedroom apartment from February 2021 to February 2022. The average rent in Dallas was $1,440, according to Zumper.

Only two of the area’s five largest cities saw year-over-year rent increases below 10 percent. In Fort Worth, the average rent for a one-bedroom apartment climbed 9 percent to $1,210, while it increased 8.4 percent in Arlington to $1,030.

“Rent’s rapid rise is largely tied to the home sales market. As home prices rise, they price out renters who would otherwise buy,” Zumper says. “And because the home sales market has gotten so hypercompetitive, many frustrated renters in the market for a home have simply given up because the process is so exhausting and demoralizing.”

As a result, the home sales market is keeping some tenants in the rental market longer than they’d like to be, leading to higher rents overall, according to Zumper.

Among the 100 cities included in Zumper’s latest rental index, Miami experienced the steepest year-over-year rise in the average rent for a one-bedroom apartment — 34.4 percent.

In Texas, Austin recorded the highest increase in the average rent for a one-bedroom apartment (30.3 percent) from February 2021 to February 2022, Zumper says. This February, the average rent there was $1,550.

Elsewhere in the state, average rent for one-bedroom apartment in San Antonio climbed 11.3 percent from February 2021 to February 2022, winding up at $1,080. In Houston, the increase was 9.9 percent, ending up at $1,220.