Rent Report

Dallas rents are on the rise for 2017, shows new report

Dallas rents are on the rise for 2017, shows new report

Dallas, city, skyline, Trinity
Dallas rents are leaping. Photo by David Worthington

In the national picture, not much has changed since January — at least in terms of rent prices. According to a midyear rent report by rental listing service Abodo, although national median one-bedroom rent prices dipped a bit in February and March, they’ve since risen back up to $1,016 for a 0 percent change since January.

But everything's bigger in Texas, and, unfortunately, that’s spilled into rent increases as well. The median one-bedroom rent in the Lone Star State has increased an average of 1.12 percent per month in the first six months of 2017, to $905. As far as statewide increases go, Texas’ is fairly tame, especially compared with South Carolina’s 7.34 percent. But an increase is never welcome news — except, perhaps, to property managers. Nearly every Southern state, save for Oklahoma, Kentucky, and Alabama, saw their rents rise as well.

Largely, it’s been a mixed bag for Texans. Some cities have enjoyed decreases — such as Lubbock, down 2.6 percent — or relatively stable rents, such as Austin, down just .1 percent.

Second only to Houston, Dallas has had one of the largest rent leaps in Texas. Since January, one-bedroom rents in Dallas have gone up 2.5 percent — for the 12th largest jump in the country — and in the past month, that increase has been even more stark. One-bedroom rent prices went up 4 percent between June and July, while two-bedroom rents jumped 5.8 percent.

In January, one-bedrooms went for $1,105, dipping slightly in February to $1,096. Since the second month of the year, however, that number has been steadily rising: $1,099 in March, $1,116 in April, $1,167 in May, $1,227 in June, and finally $1,276 for July.

The trend looks poised to continue, especially as we approach fall, when many SMU and UT Dallas students will lock in their rentals for the school year and further tighten the market.