COVID cases are down, and rent is back up in Dallas, a new report shows.
According to the latest July Rent Report from ApartmentList.com, rent prices in Dallas are currently 6.4 percent higher than they were this time last year, meaning they are back to where they would have been had the pandemic not tanked the market last spring, the report's authors say.
"In March 2020, rent prices in Dallas fell dramatically in response to the COVID-19 pandemic," the report says. "Since then, renters have enjoyed 'pandemic pricing' and double-digit rent drops in some places. But today, nearly a year-and-a-half later, prices have fully rebounded and are back above pre-pandemic projections."
Rents in Dallas grew 1.4 percent in June, which still fell below the national average of 2.3 percent. The city's monthly rent change ranks No. 76 among the nation's 100 largest cities, the data shows.
"This is the sixth straight month that the city has seen rent increases after a decline in December of last year," the report says. "Dallas' year-over-year rent growth lags the state average of 7.8 percent, as well as the national average of 8.4 percent."
By way of comparison, rents have grown by 11.9 percent in Austin, 8 percent in San Antonio, and 4.3 percent in Houston, ApartmentList.com says.
Median rents in Dallas are $1,058 for a one-bedroom apartment and $1,270 for a two-bedroom.
"Dallas is still more affordable than most similar cities across the country," the report says.
Elsewhere across Dallas-Fort Worth, some increases have been even higher. Among the cities sampled:
- Grand Prairie has seen the fastest rent growth in the metro, with a year-over-year increase of 12.8 percent. The median two-bedroom there costs $1,368, while one-bedrooms go for $1,154.
- Plano has the most expensive rents of the largest cities in the area, with a two-bedroom median of $1,677; rents increased 2.7 percent over the past month and 11.3 percent over the past year.
- Fort Worth has the least expensive rents in the DFW metro, with a two-bedroom median of $1,202; rents were up 2 percent over the past month and 7.7 percent over the past year.