NO SPACE TO WASTE

This is how big an apartment renters get for $1,500 across Dallas-Fort Worth

Dallas renters can find apartments that span 805 square feet for $1,500 a month.

Photo courtesy of Simpson Property Group

We all know what renters dream about when they’re not thinking about the logistics of owning a home: low rent prices with the perfect amount of space. In cities across Dallas-Fort Worth, that’s getting harder and harder to come by.

In fact, for renters who have a budget of $1,500 a month, the average apartment size they can get in Dallas spans about 805 square feet. That’s according to a new study by apartment rental marketplace RentCafe.

If you head to a suburb like Mesquite, Garland, or Arlington, residents can get the most bang for their buck with an average apartment size well into the 900-square-foot range.

Mesquite residents, by far, get the most space, at 999 square feet, whereas renters in the latter two cities get an average of 937 and 928 square feet for the same budget.

Renters might consider looking to Fort Worth as well, where they can get an apartment that’s an average of 909 square feet (almost 100 more than Dallas) with $1,500 a month.

The worst offenders that have the smallest space for the price are Plano and Frisco. Plano renters have to make do with an average apartment size of 766 square feet, while Frisco renters get even less space, at 740 square feet. That’s more than 200 square feet less than an apartment in Mesquite.

RentCafe’s study looked at data from their sister site, Yardi Matrix, to determine the average size and price per square foot for a $1,500 monthly budget in 200 of the largest American cities.

Here’s how much space you can rent for $1,500 in other Dallas-Fort Worth-area cities:

Grand Prairie – 873 square feet
Denton – 868 square feet
Irving – 848 square feet
McKinney – 809 square feet

Elsewhere in Texas, apartments in the Rio Grande Valley have the best price per square foot in the state. McAllen residents get the most space out of any other Texas city with an average apartment size of 1,471 square feet. Renters in Brownsville, which is 60 miles east on the border, can get a similarly sized apartment that’s 1,307 square feet for the same $1,500 a month budget.

Much like Mesquite, Houston residents can find apartments that are just under 1,000 square feet for the same budget. But that doesn’t go nearly as far in Austin, where renters can find apartments that are an average of 714 square feet.

The full report can be found on rentcafe.com.

rent rent prices reports dallas mesquite garland arlington fort worth frisco plano apartments

REAL ESTATE NEWS

Nearly half of Dallas home sellers are slashing prices amid buyer’s market

Photo by Dillon Kydd on Unsplash

Nearly 58 percent of San Antonio home sellers dropped their list price in February

Prospective home buyers in Dallas may want to seal the deal this spring. According to a new Redfin report, nearly 47.3 percent of home sellers in the city dropped their list price in February.

Two other Texas cities clocked ahead of Dallas: In Austin, the number was 55.2 percent, and in San Antonio, it was an eye-popping 57.9 percent — the highest share among the 50 most populous regions in the U.S.

According to the real estate marketplace, Texas’ dominance on this list isn't coincidental. Along with Florida, the state has been building more homes than anywhere in the nation, giving prospective buyers more options and bargaining power.

Nationwide, 34.2 percent of February home sellers cut their asking price, a 31.5 percent rise from a year earlier and the highest share ever since Redfin began tracking markets in 2012. The average cut was $40,915, approximately 7 percent of the original sticker price.

Redfin attributes the discounts to a classic supply-and-demand imbalance. High mortgage rates combined with economic uncertainty have kept buyers on the fence while sellers continued to flood the market with new homes. The company speculates that the real rate of cuts may be higher since it does not account for delisted properties.

“A lot of people who couldn’t sell their homes last year opted to delist instead of reducing the price, with a plan to relist this spring because they knew that would give them a better chance of selling,” says Redfin real estate agent Aditi Jain, via a release “Some homeowners need to move immediately, but those who can afford to time the market may get a better price.”

Redfin says that spring consistently produces the lowest share of price cuts, with May having the lowest share in six of the past 10 years, and April taking the title in three others.

Sellers who closed in December faced the highest likelihood of cutting their price. Sellers who have owned their homes longest are also better protected from market fluctuations.

Owners who have lived in their homes for at least seven years cut prices at a rate of 31.8 percent, compared to 37.4 percent for those who have owned for two years or less. More recent buyers who purchased their homes at the height of the pandemic boom are now reluctant to accept what the market will actually bear.

The five U.S. cities with the highest shares of cut listing prices are:

No. 1 — San Antonio, Texas (57.9%)
No. 2 — Austin, Texas (55.2%)
No. 3 — Dallas, Texas (47.3%)
No. 4 — Tampa, Florida (45.9%)
No. 5 — Fort Lauderdale, Florida (44.9%)

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