Rent News

Apartment rents finally start to decline in Dallas and across the U.S.

apartment for rent sign on telephone pole

Rental rates are finally starting to drop.

BrunchNews.com

In good news for renters, rates finally appear to be dropping in Dallas and across the U.S. — and it's a trend predicted to prevail through the end of 2022.

After more than a year of record-setting rent hikes, rent prices decreased in October for the second month in a row. According to a report by Apartment List, rent across the U.S. went down by 0.7 percent in October — the largest single-month dip since 2017.

Rents went down in 89 of the nation’s 100 largest cities for the second straight month, following a peak in August, and a welcome reversal to major rent increases that have occurred since the pandemic.

Here are current rates among 11 of the largest cities in the U.S.:

San Francisco – $2,640
Los Angeles – $2,200
New York City – $2,170
Seattle – $1,990
Austin – $1,830
Washington, D.C. – $1,790
Dallas – $1,470
Phoenix – $1,470
San Antonio – $1,320
Houston – $1,290
Memphis – $1,130

The current national average rent for a two-bedroom apartment is $1,348.

The October decline offsets what has been a major increase in the past year: In 2022, rents are already up by a total of 5.9 percent, compared to 18 percent at this point in 2021.

In the past year, Texas averaged a 6.6 percent increase in rental rates as compared to a year ago. Breaking that down among Texas cities, Dallas tops the list:

Dallas: 10.1 percent increase
Fort Worth: 7.5 percent
San Antonio: 5.8 percent
Austin: 5.3 percent
Houston: 4 percent

While the October downtick is something to celebrate, they warn that it's consistent with a seasonal trend existed even prior to the pandemic craziness. Still, they anticipate that rents will continue to decline in the coming months.

Dallas
In October, rent in Dallas declined by 0.9 percent — helping to soften its 10.1 percent increase in the past year and its unprecedented 24 percent rise since March 2020.

The current median rent in Dallas is $1,232 for a one-bedroom apartment and $1,472 for a two-bedroom.

In the DFW area:

Mesquite saw the highest increase — up 18.3 percent from a year ago, with $1,498 for a two-bedroom
Plano has the highest rent in the DFW area: $1,996 for a two-bedroom
Fort Worth has the least expensive rent: $1,335 for a two-bedroom

Houston
Rents in Houston are the most affordable among big Texas cities and even among comparable cities nationwide. Houston's median two-bedroom rent of $1,288 is below the national average of $1,348, following a 0.3 percent decline in October.

In the Houston area:

Galveston had the fastest growth in the metro with an increase of 10.9 percent. A two-bedroom now goes for $1,175.
Baytown has the least expensive rent in the Houston area, with rent for a two-bedroom at $1,124.
Sugar Land has the most expensive rent at $1,984 for a two-bedroom.

Austin
Austin's rent declined by 1.5 percent over the past month, with median rent coming in at $1,826 for a two-bedroom and $1,500 for a one-bedroom.

In the Austin area:

Leander saw the biggest decline with 1.8 percent. It has the least expensive rent in the Austin metro, with a two-bedroom median rate of $1,414.
Round Rock endured the biggest increase: 8.7 percent higher than a year ago, with a two-bedroom currently at $1,788.
Cedar Park has the most expensive rent, at $1,903 for a two-bedroom. Rent climbed 2.6 percent over the past year.

Compared to other large cities across the country, Austin comes in as "less affordable" for renters. Duh.

San Antonio
San Antonio rent declined by 0.9 percent over the past month, offsetting a significant increase of 5.8 percent over last year — the third largest increase in Texas behind Dallas.

Current rental rates in San Antonio are $1,317 for a two-bedroom, just below the national average ($1,348), and $1,066 for a one-bedroom — making San Antonio still more affordable than most large cities across the U.S.

Fort Worth
Rent in Fort Worth declined by 0.8 percent over the past month — helping to offset its 7.5 percent increase in comparison to the same time last year, which not only exceeded Texas' overall average but also the national average of 5.7 percent. Current median rent in Fort Worth is $1,335 for a two-bedroom, and $1,159 for a one-bedroom. Fort Worth is still more affordable than most large cities across the U.S.

home-for-sale

House For Sale

Dallas house for sale from the '50s is still in original condition

Courtesy

9203

There's a house for sale in East Dallas that's increasingly hard-to-find: a well-preserved home from the '50s for sale that's in nearly original condition.

The house is located at 9203 Lindaro Ln., just outside Loop 12 and walking distance to Bishop Lynch High School, in a stable neighborhood of homes build in the mid 1950s.

The listing by Bryant Nieves of Elite Real Estate Texas calls it a "beautifully preserved Mid-Century gem" with original hardwood floors in the downstairs bedrooms, a recently installed roof, a modern sprinkler system, and an upgraded AC unit.

There are multiple living spaces with a formal living & dining area, eat-in kitchen, and family room which includes an office nook with built-in desk. It has both a carport and attached 2-car garage, as well as a fully fenced yard.

Most of the homes in this neighborhood are 1,200 to 1,600 square feet, and priced from $250,000 to $350,000.

This house was built in 1957, but it differs in that it has a second-floor add-on over the garage — making it roomier at 2,202 square feet, with 5 bedrooms instead of the usual 3.

The two bathrooms are in original condition with '50s tile, both in good shape. The main bathroom has pale warm tan tile, almost flesh colored; the second bathroom, off one of the bedrooms, is a little prettier, with white tile and green-tile edging. Both are far superior to granite-look ceramic.

While both bathrooms merit admiration, this house is more about the wood. There are

original hardwood floors, all in great shape
wood doors including closet doors
wood paneling in the family room, with wood bookshelves and a build-in wood desk

There's also an odd wooden bookshelf that serves as a divider of sorts in the stacked formal living room.

The only room that looks unoriginal is the kitchen, which boasts white-washed '80s cabinets. It looks clean and functional, even if it does not match modern tastes.

Courtesy

Facade of 9203 Lindaro is pleasing, thanks to the unpainted brick.

It sits on a 7,535 sqft lot and the asking price is $395,000 — a bit optimistic, even if they find the rare buyer who sees value in an untouched '50s home.

sustainability home-for-sale