As summer vacations end and college semesters start, August is always a busy month for renters moving into apartments. This month, those unlocking doors to new digs across Dallas-Fort Worth are being greeted by some especially unwelcome sticker shock.
According to Zumper's new Dallas-Fort Worth rent report, the price of one-bedroom units across the metro area has surged at a double-digit pace in most cities, year over year. The August 1 report covers 14 cities in Dallas-Fort Worth and highlights the most and least expensive cities, as well as cities with the fastest growing rents.
"The Dallas-Fort Worth metro area is seeing large spikes in rent prices overall with nearly all cities in the report experiencing double-digit year-over-year growth rates," says Zumper analyst Crystal Chen. "Migration to this metro area — with the modest tax rates, relatively low cost of living, and vibrant culture — shows no sign of slowing down, especially since we’re in the summer, which is generally the hot moving season."
According to Zumper, rent climbed fastest from August 2021 to August 2022 in these cities:
- Grand Prairie, up 26.4 percent since this time last year, to $1,390.
- Irving saw rent climb 25.4 percent, to $1,480.
- Denton, up 23.9 percent, to $1,140.
- Frisco, up 21.9 percent, to $1,670.
- Carrollton and Lewisville (tied), both up 20.2 percent ( to $1,370 and $1,430, respectively).
- McKinney saw rent climb 18.5 percent, to $1,470.
- Plano, with rent increasing 17.6 percent, to $1,540.
Month-over-month, the fastest-growing rent rates were as follows:
- Frisco had the largest monthly rental growth rate, up 5 percent.
- Denton was second with rent jumping 4.6 percent.
- Lewisville was third with rent increasing 3.6 percent last month.
Most and least affordable cities
While the one-bedroom median rent was $1,139 in Texas last month, only one DFW city was below that: Arlington, at $1,080. Two cities came close: Denton and Garland, both at $1,140. Weatherford ranked as the third most affordable city, with rent at $1,160.
Fort Worth also falls on the lower end of the scale, with one-bedroom rent at $1,230. Remarkably, rent is actually down 3.1 percent from last month, but still up 12.6 percent overall, year-over-year.
The prices go up from there — especially in the northern Dallas suburbs.
The most expensive DFW city for renters is Frisco, with one bedrooms priced at $1,670. Richardson came in second, with rent at $1,610. Plano ranked third, with rent at $1,540.
So, how do apartments inside the Dallas city limits compare to those in Fort Worth? According to Zumper, Dallas proper ranked as the sixth most expensive rental market (out of 14). The price of one bedroom units increased 0.7 percent in the last month to $1,460. Overall, rent is up 11.5 percent from last year.
"In addition to DFW, rising rents can also be seen in most major hubs within the U.S. right now, too," Chen says. "With interest rates up, many people are opting out of the buying process and staying in the rental market longer, creating even more demand and competition for rentals. The U.S. is also still in a housing crisis and construction of new buildings isn’t happening quickly enough to meet demand. All of these factors together are creating the surge in rent prices."