Dallas could see one of the largest rent hikes in the nation this year
Rents across the nation are currently at an all-time high, and Dallas is especially feeling the pinch. The news hasn't been great about apartments and renting in a while, but a new study from RentCafe confirms that Dallas is among the 20 metros with the highest projected rent hikes for 2016. The top five, to be precise.
Dallas comes in at No. 4, behind San Francisco, Sacramento, and Portland, with a projected increase of 7.3 percent by year's end. According to the rental website, the current average rent for a Dallas apartment is $1,101. Seems a little low, no?
While Dallas has the highest projected rent increase in Texas, the question is not if rents are going to rise elsewhere in the state but how much. In Austin, No. 11 on RentCafe's list, that number is forecasted at 5.8 percent, and Houston, No. 20, can expect to see the monthly rental bill rise about 3.4 percent.
RentCafe also says that the national average for an apartment hit an all-time high of $1,181 in March 2016, which is up 5.7 percent from 2015.
One reason for the hikes, says the website, is year-over-year job growth, which we all know is booming in Dallas. But once you find that job, you still have to find somewhere to live.