Dallas apartment renters squeezed into 3rd tightest market in Texas, says report
Many looking to rent an apartment in Dallas might be having a hard time — and RentCafe offers the reason why in its year-end report on Texas' most-competitive rental markets.
Dallas was the state's third most competitive market in 2022, behind El Paso and McAllen.
In Dallas, there are 14 renters for every available unit, and those who spy a vacant apartment better grab it fast. RentCafe says the units in Big D stay vacant for only about 30 days.
More than 95 percent of apartments for rent in Dallas were occupied last year, which was partly due to the fact that nearly 63 percent of renters decided to renew their leases, the report says.
"Dallas — or its suburbs, to be more specific — continued to be the top destination for out-of-state renters coming from coastal areas, especially California," RentCafe says. "In fact, Irving was named the number one magnet for relocating renters in the U.S. in a report by StorageCafe."
That's also the story in neighboring Fort Worth, which sees 13 prospective renters for every available unit.
"Interestingly, El Paso, Dallas and Fort Worth saw the most interest from renters in all of Texas this year, with an average of 13 to 15 candidates competing for the same vacant apartment," RentCafe says.
That's great news for rental property owners, even as it's likely causing stress for those looking to find new digs and aren't interested in home ownership.
Elsewhere in Texas, in Austin, 12 prospective renters are vying for every available unit, and those units stay vacant, on average, for only a month before someone else signs a lease.
In Houston, renters are mainly staying put, renewing their leases into 2023. According to RentCafe, for every available apartment in Houston, there are, on average, 11 renters vying to live there.
In the state's hottest market, El Paso, there are 15 renters looking for every available unit. And available apartments there stay vacant for only 28 days.
So, why can't Texans find apartments in Texas? Blame supply and demand. There are more people looking to rent than are places to rent.
"Markets in Texas continued to attract out-of-state renters looking for better job opportunities and a more affordable lifestyle," read a summary of RentCafe's report.
The bright side to all of this? We're not Miami. The Florida city topped Rent Cafe's list of most-competitive markets, where 32 prospective renters are competing for every available unit.