Soaring Rent Prices Have Dallas-Fort Worth Residents Looking for Homes

With apartment rents in the Dallas-Fort Worth metro area on the rise, those who are interested in renting an apartment in North Texas are frequently finding themselves needing to obtain a roommate or two in order to pay their rent. With that said, a smart shopper who is willing to make a few concessions can find a more affordable rental in North Texas while still remaining near to all of the most popular hot spots.

According to the Zillow Rent Index, apartment rents across the Dallas-Fort Worth region have grown by 5.5 percent when comparing April’s statistics to April of 2014.While the national index average sits at rental costs being $1,364, rent in the Dallas-Fort Worth region is averaging $1,465 per month. Compared to other Texas regions, the Dallas-Fort Worth region’s rental rates are also growing at a faster pace. Houston saw its rates increase by 4.1 percent to $1,071 per month while Austin’s grew by 4.4 percent to $1,108 per month.

Unfortunately for those who live in the Dallas-Fort Worth region, incomes are not growing at the same rate as rental costs. In fact, Dallas wages grew by just 1.6 percent when comparing March 2015 to March 2014. This represents a slightly slower growth rate than the national average, which was at 1.7 percent during the same time period.

Of course, Texas is not alone when it comes to rising rental rates. In fact, increasing rental costs has been a national concern over the last several years following the Great Recession of 2008. As homeowners found themselves unable to pay their mortgage loans and were forced into foreclosure, demand for rentals increased dramatically. Despite the fact that the real estate market is becoming healthier once more, many are still choosing to remain in rentals because they either cannot afford to purchase a home or because they are still concerned about market stability.

Finding a More Affordable Place to Live in Dallas-Fort Worth

The good news is that there are areas in the Dallas-Fort Worth region that are more affordable. While many are interested in finding a rental in the popular Uptown district, rental costs in that are typically $1,700 per month or more. Those who want to save money while staying near to all of the amenities that Uptown has to offer may be better off looking at the adjacent neighborhoods of Deep Ellum, Farmers Market or Cedars.

While those neighborhoods that are adjacent to Uptown may not have the exact same amenities as the much-desired district, these neighborhoods do have much to offer. Deep Ellum, for example, boasts a number of arts and entertainment venues. As the name suggests, the Farmers Market neighborhood offers an array of seasonal produce, meats, honey, specialty foods and flowers for purchase. Meanwhile, Cedars features a variety of bars and restaurants to enjoy.

Why rent when you can own a home in the Dallas-Fort Worth region. Please feel free to contact our team of real estate experts today.

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