RENT'S DUE

Rent in this Dallas-Fort Worth city increased nearly 15 percent from 2022

Zumper ranked Irving the No. 34 most expensive rental market in the United States.

Photo courtesy of Simpson Property Group

Apartment rent keeps going up in the Dallas-Fort Worth area, and none more so than in Irving, where renters pay nearly 15 percent more than they did last year, making it increasingly difficult to afford living in the city. That’s according to a new national rent report from online rental marketplace Zumper.

Irving topped the list of rent increases among DFW cities.

Despite rent increases showing a small slowdown month-over-month, overall prices are still on the high side from the previous year. For example, the average rent for a two-bedroom apartment in Irving is $1,930 now, in March of 2023, which is a half percent increase from the previous month, but a staggering 14.9 percent increase from 2022. The average rent for a one-bedroom is $1,520, which is a mere 2 percent increase month-over-month, but also a whopping 14.3 percent increase from last year.

The report looked at rental data from more than 1 million active listings in the top 100 cities in the United States to determine the rankings. Zumper ranked Irving the No. 34 most expensive rental market across the nation in February of 2023, up two places from the last report.

The report attributes these recent rental increase trends to the nation's rising inflation rate and unpredictable economy. Though unemployment is low (less than 3.4 percent), potential homebuyers are being sidelined with increasing interest rates. This is causing more competition among renters all over the country.

“Many markets continue to either normalize or correct following the steep increases in rent seen in 2021 [and 2022] in the zero interest rate [and] QE environment we went through,” said Zumper CEO Anthemos Georgiades in the report. “With interest rates expected to rise further in 2023, we anticipate continued deceleration in rent rises as new household formation freezes or is at least postponed.”

Just two places down the list from Irving is Dallas, coming in as the No. 36 most expensive rental market, which is a three-place increase from a previous report. Average rent for a one-bedroom apartment stayed relatively flat over the last month, at $1,500, yet is still 4.2 percent higher than it was last year. Two-bedroom apartments saw a smaller year-over-year increase at 4.6 percent, with the average rent price at $2,030.

Plano comes in at No. 40, Fort Worth at No. 55, and Arlington at No. 67.

Several cities in the DFW metro area also made the list, as well as Austin (No. 25), San Antonio (No. 66) and El Paso (No. 95). Most notably, Houston (No. 51) is experiencing a nearly 11 percent year-over-year rent increase for both one- and two-bedroom apartments.

The nine total Texas cities that made the list include:

No. 25 – Austin
No. 34 – Irving
No. 36 – Dallas
No. 40 – Plano
No. 51 – Houston
No. 55 – Fort Worth
No. 66 – San Antonio
No. 67 – Arlington
No. 95 – El Paso

The full data from Zumper’s National Rent Report can be found at zumper.com.

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Love this listing

Extraordinary modern ranch in Grapevine trots onto market for $7.2 million

Photo courtesy of Briggs Freeman Sotheby’s International Realty

The Willow Wood Horse Farm in Grapevine is on the market for $7.2 million.

A stunning, 10-acre North Texas property that's fit for a modern cowboy has just hit the market for $7.2 million: Called the Willow Wood Horse Farm, the equestrian paradise is located on West Kimball Avenue in Grapevine, about 30 miles northwest of downtown Dallas.

The ranch is a combination of elegant and thoughtful modern design paired with all of the practicality required of a fully functioning farm.

According to the listing, which is held by Burgher-Ray Ranch Group and managed by David Burgher and Harlan Ray, the ranch includes several fenced pastures, an enclosed and insulated shop storage building with concrete flooring, and a seven-stall horse barn.

A covered and irrigated riding arena is attached to the barn, every stall has its own turnout, and six of the stalls are 12 feet by 12 feet wide, and the seventh is designated as a foaling stall. An additional turnout for grazing is located adjacent to the barn, as well as a training pen.

Willow Wood Horse Farm in Grapevine, ranch for sale The horse barn has seven stalls with individual turnouts.Photo courtesy of Briggs Freeman Sotheby’s International Realty

But the focal point of the entire estate is the 4,353-square-foot, three-story primary residence that sits at the highest point of the gently sloped property. The home was custom-designed and completed in 2022, featuring an exterior made of metal cladding, concrete, durable ipe hardwood, and glass.

From the front door, guests will see views that lead through the home's living areas and into the 3,000-square-foot back deck, past the 80-foot-long saltwater swimming pool, and out toward the pastures.

The chef's kitchen is outfitted with luxurious Gaggenau appliances, such as a steam convection oven, a conventional convection oven, a coffee machine, stove, dishwasher, a separate paneled refrigerator and freezer, and a warming drawer. A half bathroom and full butler's pantry is located to the side of the kitchen, which is equipped with a prep space and a dishwasher.

Additional features of the home include:

Koi ponds located on either side of the main door that welcome guests to the home
An open concept living space that contains the living room, kitchen, and dining rooms
A primary suite with a spacious walk-in closet and en-suite bathroom
Two additional bedrooms with en-suite bathrooms
Soft opening/closing doors in all main bedrooms
Dynaudio speakers installed throughout the home
Geo-thermal heating/cooling system

A custom-built metal spiraling staircase connects all three levels of the home. The second floor includes a viewing area with floor-to-ceiling windows and access to the covered porch and rooftop deck. The lower level leads to an "acoustically balanced" underground home theater featuring eight-foot concert walls, Dynaudio speakers, an Ember Audio sound system, a 250-bottle wine cooler, and a powder bathroom. The listing notes that this area could be converted into a storm cellar.

Willow Wood Horse Farm in Grapevine, ranch for sale The underground home theater has an impressive Ember Audio sound system with Dynaudio speakers.Photo courtesy of Briggs Freeman Sotheby’s International Realty

A detached three-car garage is located next to the home, and has one EV charging station and two additional outlets for charging. Discreetly designed solar panels are hidden on top of the garage, which are capable of powering the entire residence.

The horse barn, irrigation system, and stock pond all run off of a water well located on the property, while the primary residence uses city water with a filtration system.

"Situated in the heart of the Dallas-Fort Worth Metroplex, just minutes from Lake Grapevine, Southlake, and an easy commute to DFW International Airport, this property affords someone the ability to have all the comforts of the city, while living just slightly removed from it all," the listing says.

Photo courtesy of Briggs Freeman Sotheby’s International Realty

The Willow Wood Horse Farm in Grapevine is on the market for $7.2 million.

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