Rent Report

Dallas apartment prices rise slightly amid COVID-19, says new report

Dallas rent prices rose about 1 percent over the last quarter.

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The pandemic has not put much of dent in Texas rental demand, according to new data from Abodo.

The online apartment marketplace says Texas' median one-bedroom apartment rent fell just $7 from April to June 2020, down to $1,012 from $1,019. Conversely, national one-bedroom median rents rose about 1 percent, growing slightly from $1,088 in April to $1,097 in June.

Dallas' second quarter one- and two-bedroom residential rental markets were up slightly, mirroring the national trend. One-bedroom units rose $15, from a median price of $1,169 in April to $1,284 in June. Two-bedrooms reported some interesting movement during the 90-day period, says Abodo, but they settled at $1,466 — a 1.5 percent increase from the April median price of $1,445.

Dallas is still holding its own, and many are optimistic that the North Texas residential rental market will remain stable even during times of increased COVID-19 infections. As a whole, the Texas residential rental market remains steady for several reasons:

Amid the pandemic, many people are staying put and have put off moving plans for now.
Some residents have had to sell homes they could no longer afford and have therefore entered the rental market.
Landlords are reluctant to raise rents when collecting rent during COVID-19 can be an issue.
Some new apartment developments have slowed or paused construction.

Overall, property managers and landlords are facing a new normal of life, specifically in this virtual world during the COVID-19 pandemic, Abodo explains.

But decreases in supply have offset instances of falling demand, and therefore, the market is stable right now. If the economy does not improve, construction financing could dry up quickly, and paused apartment construction may stay that way.

In the coming months, we may continue to see lessened demand tempered by smaller apartment supply, pointing to continued market stagnation. However, if the economy improves and apartment demand returns to normal, Abodo says, Dallas could see a more rapid rise in rent prices.

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HAUTE PROPERTIES

Texas Hill Country ranch tied to George Strait lists for $19.5 million

Lone Woman Ranch, the Hill Country estate where country stars like George Strait, George Jones, and the Ace in the Hole Band rehearsed, is up for sale for $19.5 million.

Located on 675 acres in Hays County, just south of Austin, the secluded ranch once served as an artistic getaway for emerging Texas artists. The property, listed by Republic Ranches, is named after the nearby Lone Woman Mountain, and its elevation provides an incredible view of the county. On a clear day, you can see all the way to downtown Austin.

The land comes with two residences, both built near the entrance gate. The primary stone house has original hardwood floors, a recently remodeled kitchen and bathrooms, as well as a new HVAC system. The secondary residence was used as a rehearsal space. Both have had long-term residents who made improvements, and both have their own septic systems, wells, and electric meters.

The real appeal of Lone Woman Ranch, however, is the extensive woods, creeks, and natural setting. It is situated next to 6,000 acres of conservation land, including Storm Ranch.

Two fully stocked ponds — a 4-acre and a 1-acre — are located onsite. Runoff from the larger pond creates picturesque seasonal limestone waterfalls. The surrounding woods are full of wildlife, including white-tailed deer, turkeys, doves, and more, and the property is under wildlife exemption.

The entire mountain is included in the property, making it a veritable mini-kingdom for the owner, with unobstructed privacy on three sides. A network of ranch roads provides access throughout the property, including most of the way up Lone Woman Mountain, giving views around every corner.

It's little wonder the ranch was a muse to so many country musicians. But only Strait can tell you whether his 1996 hit "King of the Mountain" was inspired by the ranch.

Photo courtesy of Republic Ranches

Lone Woman Ranch has ties to country music stars.

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