Paying rent in Dallas isn't getting any easier, according to a new report from RENTCafe, a rental market analysis website, but apartment prices in the city and its surrounding suburbs aren't quite the back-breakers that they are in other parts of the country.
The average Dallas resident renting an apartment in August 2019 paid $1,236 for the privilege, according to rental data compiled from the Yardi Matrix by RENTCafe. In July, renters paid $1,233 for the average Dallas apartment. In August 2018, that average unit cost about $1,185.
Dallas average rent makes it the 12th most expensive of 20 rental "mega-hubs" identified by RENTCafe. Manhattan, as one might expect, is the most expensive hub in which to rent, with an average price of $4,272 per apartment. Indianapolis residents get the benefit of the cheapest apartments in any of the mega-hubs, with an average rent of $876.
Austin is the only hub in Texas with average rents higher than Dallas. Both Fort Worth and Houston see their average monthly rent come in at least $100 cheaper than Dallas.
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Those North Texas residents looking for relief from Dallas' rental prices should look to the north, south, east and west, but not too far. Grand Prairie, Irving, Carrollton, Garland and Mesquite all have average rent cheaper than Dallas.
DFW's bedroom communities can't say the same. Average rent in Frisco checks in at $1,367 per month. In Richardson, the average apartment is $20 more expensive per month. Plano's average rental costs $1,330 a month.
While rental prices are slowing as the summer — peak rental season, according to RENTCafe — winds down, demand for apartments is expected to hold up over the coming months.
"Overall, builders and developers are reporting increased confidence in the multifamily market, and demand for new apartment units is still on the rise," Tara Jeffcoat, a senior research analyst at Yardi Matrix says.