Has your Dallas rent gone up?
If you’re paying a little bit more for rent on your Dallas apartment this January, you’re not alone. The average Dallas renter has seen an increase of 4 to 6 percent over the last year.
Wondering why? Well, here in Dallas we are a victim of our own success. In the last year, Dallas added thousands of jobs and fewer than normal rental units, creating more demand for available apartment housing.
Nationally, 45% of property managers have seen a decrease in vacancy rates since this time last year. That’s mostly tied to uncertainty in the housing market, job loss, and low building rates.
The situation in Dallas is more positive. More new residents taking newly created jobs means creation of new apartment stock should be quickly forthcoming.
According to the U.S. Department of Labor’s Bureau of Labor Statistics, the Dallas-Fort Worth area added close to 50,000 jobs between October 2010 and October 2011.
If your Dallas rent is $850 a month, the expected increase this year will be about $40-$50.
And the tight real estate market means it will be harder to find a new place should you decide to move. If you’re taking the chance, start your search today with our Dallas apartments.