This Fort Worth neighbor raises the roof with highest local rent, says study
Twenty-two big cities in Dallas-Fort Worth saw up-and-down swings in apartment rent in March — the first month of coronavirus-propelled shutdowns around the country — with Grapevine registering the highest rent in the region.
In only two DFW cities, Grapevine and Farmers Branch, the median rent for a one-bedroom apartment in March sat at or above $1,300, according to a report published April 7 by apartment marketplace Zumper. In Grapevine, the median rent was $1,310, down 3 percent from February. In Farmers Branch, it was $1,300, up 0.8 percent.
Of the 22 DFW cities analyzed by Zumper, Grand Prairie recorded the biggest decline in rent in March. The median rent for a one-bedroom apartment dropped 4.7 percent from February to March, winding up at $1,010. Next was Allen, with a 4.2 percent decrease to $1,140.
Meanwhile, Fort Worth and Dallas saw the largest gains. Median rent for a one-bedroom apartment in Fort Worth jumped 2.9 percent from February to March, winding up at $1,060. In Dallas, rent rose 2.5 percent to $1,250.
Dallas sat at No. 31 for the highest one-bedroom rent in March among large U.S. cities, with Fort Worth at No. 49, according to Zumper. San Francisco ranked as the most expensive market ($3,500).
Arlington and Mesquite tied for the lowest March rent in DFW. Median rent for a one-bedroom apartment increased 1.2 percent to $860 in March, while Mesquite’s rent stayed at $860.
As people across the country have adhered to stay-at-home orders, Google searches for apartments in large U.S. cities have dropped as much as 35 percent, Zumper says. In Dallas, for instance, searches for “apartments for rent” decreased 13 percent from the week of March 22 to the week of March 29, according to Zumper.
“Long-term inventory has dropped as landlords are removing their listings until … they can show them again,” Zumper says, “and tenants are canceling move-outs, so [landlords are] taking planned vacancies off the market.”