The median rent in the 50 largest US metropolitan areas reached a new record high in April 2022 of $1,827 dollars per month. Rent prices continue to rise across the nation, and locally, as demand soars amidst rising home prices and mortgage rates and booming population growth in the DFW area.
Dallas was recently ranked the 3rd best city to invest in rental property by MashVisor, due to its soaring population growth being driven primarily by corporate relocations.
Rent prices have risen 5.7 percent so far in 2022, down from the 8.8 percent they rose over the same period in 2021, according to the most recent rent report by Apartments.com. This month, rents are up another 2 percent in the Dallas market, so still trending upward.
The national median record rent of $1,827 in April represented a 16.7% increase year over year. In all of North Texas last year, the increase was closer to a 25 percent increase, well above the national average for 2021.
The national vacancy index has also gone up only slightly this month, now at 5 percent. Rents increased this month in 97 of the nation’s 100 largest cities. In the Dallas area, rents increased the most in the McKinney market, whereas the Plano market now ranks highest for having the most expensive rents in the area.
Today, the median rent in all of Dallas-Fort Worth is $1,655, according to Realtor.com’s most recent report, with an overall 21% year over year increase. The average 2-bedroom median rent for DFW came in at $1,918 dollars per month.
Homes prices and mortgage rates are expected to continue to rise throughout 2022, and those who cannot compete in this market right now are expected to continue to rent, increasing the demand for rental units – especially larger units with more space.
Amidst the high demand, many landlords are anticipating raising rents in the near future. In fact, more than 71 percent reported plans to up their rents, an increase from the 61 percent who said they were planning to do the same just this past January, according to a recent study by Realtor.com.
For anyone wondering whether rental prices are going to drop anytime in the near future, momentum and stats for the DFW area would all suggest otherwise.
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