Another report, another batch of research showing DFW is one of the nation's hottest rental markets, whether one is looking at the region's anchor cities or the surrounding suburbs. New data from RENTCafe, a rental market analysis website, shows that four of the 20 fastest-growing suburbs for renters nationwide are in North Texas. (Hat tip to our colleagues at Denver's Westword, who hopped on the report Monday.)
To find its top 20, RENTCafe analyzed data from nearly 500 suburbs, looking at the last five years to rank the municipalities by their increases in renter populations, changes in rental prices, 2018 average rents and renter income changes in that five-year span.
Two Atlanta suburbs top the list, but a Dallas suburb, Flower Mound, comes in at No. 3. Check out why Flower Mound and the other DFW cities on the list, made, or nearly made, RENTCafe's cut below:
No. 1 in DFW and No. 3 overall
Renter population increase: 115 percent
Five-year rent change: 22 percent
2018 average rent: $1,546
Renter income change: 5 percent
Worth noting: According to RENTCafe, Flower Mound's big increase in rents has come despite the suburb adding about 800 rental units since 2014.
No. 2 in DFW and No. 8 overall
Renter population increase: 71 percent
Five-year rent change: 16 percent
2018 average rent: $1,295
Renter income change: 4 percent
Worth noting: RENTCafe attributes Allen's boom, in part, to being ranked as the second-best place to live in America by Time in 2017.
No. 3 in DFW and No. 9 overall
Renter population increase: 70 percent
Five-year rent change: 21 percent
2018 average rent: $1,187
Renter income change: 9 percent
Worth noting: Burleson's renters have had one of the biggest income jumps in the country at 9 percent, according to the study.
No. 4 in DFW and No. 19 overall
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Renter population increase: 58 percent
Five-year rent change: 25 percent
2018 average rent: $1,315
Renter income change: - 4 percent
Worth noting: Of the metro Dallas cities to make RENTCafe's national rankings, only The Colony saw a decrease in renter incomes between 2014 and 2018. That makes the suburb's average 25 percent rent increase even more difficult for renters to absorb.
Of the DFW 'burbs that didn't make the national list, Keller, Frisco and DeSoto saw the biggest increases in rental population, according to RENTCafe. At the other end of the spectrum, only two Dallas suburbs, Bedford and Roanoke, saw a decrease in rental populations over the last five years.
Flower Mound and Keller, the suburbs with the biggest and fourth-biggest increases in rental populations, also ranked 1 and 2 in average rents, according to the report, at $1,546 for Flower Mound and $1,406 for Keller. Lancaster and Greenville had the cheapest rents in the area, with an average apartment or rental house going for $849 and $806 per month, respectively. Dallas' average rent over the time analyzed by the report was $1,181.