Just in time for the holidays, rent growth in Dallas-Fort Worth is cooling.
Year-over-year, rent growth in the area was cut in half in November versus the previous year. The month saw rents increasing an average of 8.3 percent last month, while in 2021 growth saw a 16.1 percent increase versus 2020. On the national level, month-over-month prices decreased 1 percent, according to Apartment List’s November Report. Dallas rents, however, decreased at a slightly quicker pace at 1.2 percent.
Seasonal shifts during the cooler months typically slows rent growth in the multifamily sector. Factoring that with the economy and higher inventories due to an influx of newly-built rental communities help make the North Texas slowdown more clear. The metroplex’s overall supply has hit 815,285 units and 3,389 apartment communities with some 77,439 units and 193 multifamily communities in the works, according to the Dallas Business Journal.
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Dallas-Fort Worth renters have still endured some of the highest rate hikes in the nation since the start of the pandemic. Between March 2020 and November 2022, rents in Dallas have shot up by 22.5 percent. In terms of year-over-year rent growth, Dallas-Fort Worth ranks 14th fastest among the nation’s 100 largest metros measured by Apartment List. For reference, median rents in Dallas currently stand at $1,216 for a 1-bedroom apartment and $1,453 for a two-bedroom.
To be sure, month-over-month rent decreases have been widespread. Rents decreased this month in 93 of the nation’s 100 largest cities with only seven seeing increases, according to Apartment List’s report. November marked the third straight month of nationwide rent decreases.
— Maddy Sperling