Rent report

This Dallas suburb had the highest apartment rent prices in DFW in June

One-bedroom apartments in Frisco cost $1,630 in June, while the asking price for a two-bedroom unit came out to $2,170.

In June, rent prices for one- and two-bedroom apartments were more expensive in Frisco than they were anywhere else in Dallas-Fort Worth, according to the latest monthly rental report from Zumper.

The rent report, which analyzed active listings from the previous month across all cities in the Dallas-Fort Worth metro, tracks the most and least expensive rent prices for one- and two-bedroom apartments, and determines the cities with the fastest growing rents. Listings were aggregated by city to calculate median asking rents.

Despite having the most expensive rent in Dallas-Fort Worth last month, the asking rent for one- and two-bedroom apartments in Frisco is technically lower than it was a year ago. Frisco's asking rent for one-bedrooms dropped 1.8 percent year-over-year to $1,630, while asking prices for two-bedroom units dropped 2.7 percent to $2,170.

Dallas saw the second-highest jump in rent prices year-over-year this past June, with rent prices for single-bedroom apartments rising 1.4 percent to $1,450. Two-bedroom apartments in Dallas dropped 1.5 percent year-over-year to $2,000, tying with The Colony for the second-highest rent for two-bedroom units in the metro.

Rent in Euless went up 5.4 percent since last June to $1,370, which Zumper found was the fastest-growing rent price in Dallas-Fort Worth. Euless also had the largest growth rate month-over-month, with rents soaring 6.2 percent from May to June.

The top 10 DFW cities with the most expensive one-bedroom rent prices in June were:

Frisco – $1,630
The Colony – $1,580
Rockwall – $1,570
Richardson – $1,560
Farmers Branch – $1,460
Dallas – $1,450
Plano – $1,410
Euless – $1,370
Carrollton and McKinney (tied) – $1,330

DFW cities with affordable rent compared to the statewide median
Zumper's report revealed that the median asking rent for a one-bedroom apartment in Texas came out to $1,134 last month, but there was no figure given for two-bedroom units.

Out of the 25 Dallas-Fort Worth cities included in the report, only five had affordable asking rent prices lower than the statewide median: Benbrook ($960), Arlington ($1,060), Mesquite ($1,080), Garland ($1,100), and Cleburne ($1,110).

Benbrook rent prices are the most affordable in the metro, as its current asking price is 12.7 percent lower than it was this time last year.

Asking rents for one-bedroom apartments in Bedford were only $4 more than the median asking rent in Texas, which also makes the suburb a much more affordable place to live than most other DFW-area cities.

The top 10 DFW cities with the most affordable one-bedroom rent prices in June were:

Benbrook – $960
Arlington – $1,060
Mesquite – $1,080
Garland – $1,100
Cleburne – $1,110
Bedford – $1,140
Denton – $1,180
Weatherford – $1,190
Grand Prairie – $1,200

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millennial magnet

Dallas ranks among 15 hottest U.S. metros for millennial homebuyers

Photo by Vitaly Gariev on Unsplash

Dallas is one of the 15 hottest destinations for millennials.

Dallas and its surrounding cities have already proved to be a magnet for millennials, and now a new national housing report has established the city as one of the 15 hottest destinations for millennials, whose local homeownership rate has soared since 2018.

The number of millennials who own their homes in Dallas has grown from 229,497 to 451,826 households over the last five years (96.9 percent), according to a new housing analysis from RentCafe.

The study compared homeowner growth rates versus renter growth rates of millennials — based on Pew Research Center's definition as individuals born between 1981 and 1996 — across 107 U.S. metro areas from 2018 to 2023.

Dallas ranked No. 15 in the overall list of U.S. metros that have seen the highest increase in millennial homeowners since 2018. About 47 percent of all Dallas-area millennials own their homes, with the remaining 53 percent renting, the report found.

"The top 20 metro areas with the greatest increases in Millennial homeownership are led by sunny regions in Florida and California," the report said. "Unexpected urban hubs such as Dallas, San Antonio, Philadelphia, and New York also made the list with ownership growth rates reaching 90 percent or higher."

Dallas also ranked 27th in the national list of cities with the biggest growth rates among millennial-age renters. The number of millennial renter households jumped from 465,560 to 507,416 in five years, a 9 percent hike.

About 5.3 million millennials have become homeowners over the last five years nationwide, RentCafe's analysts said, which represents a massive 74 percent increase in millennial-owned households. The growth rate of renters was much lower in comparison.

"At the same time, the number of millennial renters in the U.S. rose by a modest 5 percent, adding approximately 600,000 households," RentCafe said. "This brings the total number of millennial homeowner households to 12.4 million, close to the 12.6 million millennial renter households."

While the rate of millennial homeowners is on the rise, the same can't be said for Gen Zers. About 12 percent of all Gen Z households in Dallas-Fort Worth own their homes, while the vast majority are renters, a separate RentCafe study found.

Elsewhere across the state, Austin (No. 7) and San Antonio (No. 10) ranked among the top 10 U.S. cities with the biggest growth rates among millennial homeowners.

The top 10 U.S. metros with the highest gains in millennial homeowners are:

No. 1 – North Port, Florida
No. 2 – Lakeland, Florida
No. 3 – Jacksonville, Florida
No. 4 – Stockton, California
No. 5 – Oxnard, California
No. 6 – Palm Bay, Florida
No. 7 – Austin, Texas
No. 8 – Tuscon, Arizona
No. 9 – Deltona, Florida
No. 10 – San Antonio, Texas

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