Dallas-Fort Worth may be less burdensome for renters than other Texas metros, but, in total, renters here have spent more in the past decade than anywhere else in the state.
From 2010 through 2019, renters in the Dallas-Fort Worth area shelled out $104.2 billion for their living quarters, according to an analysis released December 11 by real estate website Zillow. By comparison, the size of the Puerto Rican economy is nearly $100 billion.
If the $104.2 billion figure weren’t jarring enough, the total sum of rent paid by DFW residents skyrocketed 83.7 percent from 2009 to 2019. In 2019 alone, local renters spent $13.2 billion on housing, up 3.2 percent from 2018. The current median rent is $1,460 per month, up 1.3 percent from a year ago, Zillow says.
Fortunately, there might be some relief in sight.
“With rental appreciation expected to decrease in the coming year and a homeownership rate that has been ticking up over the past few years, a small or even negative change in total rental spending could be in the cards in the early 2020s,” Zillow economist Joshua Clark says in a release.
Elsewhere in Texas, Austin, Houston, and San Antonio weren’t immune to the costly leap, the Zillow analysis shows.
The total sum of rent paid by Austinites jumped 92.6 percent from 2009 to 2019. That’s the highest increase among all the major metro areas included in the Zillow analysis. (Raleigh, North Carolina, was second with a 91 percent increase.)
From 2010 through 2019, renters in the Austin area spent $36.7 billion for their living quarters, about the size of the economy of Latvia, a small country in northern Europe.
As for the Houston area, the entire bill for rent came to $90.4 billion from 2010 through 2019, adding up to a 10-year spike of 65.8 percent, the analysis indicates. That total is close to the size of the economy in the Dominican Republic. In 2019, Houston renters coughed up $10.8 billion, representing a 1.7 percent increase compared with last year, Zillow says.
Renters in the San Antonio area saw a smaller overall jump in the rent total compared with Austin, DFW, and Houston. From 2010 through 2019, renters in the area spent $26.8 billion on housing, accounting for a 10-year increase of 47.8 percent, the analysis shows. That sum is roughly equivalent to the size of Cambodia’s economy. This year, San Antonio renters paid $2.9 billion, down 0.4 percent from 2018, Zillow says.