There's new proof to support your suspicion that the Dallas rental market is bonkers right now. Online real estate investment management firm HomeUnion has identified the cities where rent growth has soared and sunk, and Dallas is flying high near the top.
We come in second behind Seattle, which has seen a 6.7 percent surge year-over-year. Dallas has gone up 5.6 percent, with the average rent hovering around $1,600. So although rent here is still cheaper than, say, San Francisco at $4,320, it's certainly more expensive than it was last year.
"Many of the metros at the top of our list have these two common characteristics: strong job growth, and residents who prefer renting over homeownership as median home prices remain relatively high and the cost of mortgage debt continues to increase,” explains Steve Hovland, director of research at HomeUnion, in a release.
Austin and San Antonio also show up in the top 20, with increases of 2.8 percent and 2.4 percent, respectively.
Houston, however, lands on the list of cooling rental markets. The average $1,600 monthly rent is down 2.8 percent from last year, though that's still a far cry from El Paso's chart-topping 7.1 percent decrease.