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The cost to rent a North Texas apartment continues to rise dramatically as demand far outweighs available housing supply.
The average asking rent for Dallas-Fort Worth apartments rose 17.5% year over year in May to a record $1,488 a month, according to estimates by Dallas-based real estate technology firm RealPage. In the Dallas area, rents average $1,526 per month, while Fort Worth-area apartments cost $1,373.
RealPage economist Jay Parsons said almost 58% of renters are choosing to renew their leases, well above the pre-COVID norm of around 50%. They may face renewal offers that look worse than they expected, but realize after shopping around that they have a good deal compared with what it costs for a new unit.
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