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It Seems That Rent Is On The Rise In North Texas

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Our Dallas real estate professionals know some people prefer to rent a property rather than buy a home. For some, it’s a matter of not having the financial resources to buy a home. For others who don’t want the maintenance and upkeep of a home, it just makes more sense to rent an apartment. Many people believe renting a property is equivalent to throwing money away because unlike mortgage payments, the money spent on rent isn’t going toward purchasing a home of your own. No matter what your thoughts on the matter, one thing is for certain – rent is on the rise in North Texas!

Analysts at Apartment List recently released a report indicating that rent prices are on the increase in Collin, Dallas and Tarrant counties. Rent increased on average 1.9% in Texas, while the increase in rent across the nation was about 1.2%.

There are some areas where rent actually decreased according to the report, including Flower Mound where it dipped slightly at 0.2%. Still, renting a two bedroom in the most expensive city in the DFW area will cost you on average $2,270 per month! Frisco and McKinney rents also went down to about $1,580 and $1,400 for a two bedroom rental respectively.

If you rent a two bedroom in Dallas County expect to pay anywhere from $1,100 to $1,400 depending on whether it’s in Dallas, Mesquite, Carrollton or Duncanville. Fort Worth in Tarrant County is where you’ll be able to find a two bedroom rental for about $1,140, up 1.1% over a year ago. Arlington’s rent prices shot up to approximately $1,220, a 2.4% increase over the past year. The biggest increases in rent prices were in Euless and Hurst where a two bedroom will cost about $1,220 or $1,110 respectively.

Buying a home is an investment in your future, and provides tax benefits while helping you build your credit. When you pay rent, you’re not building up your own equity in a property – but you are helping to build up the landlord’s equity. Rent never stops; it goes on and on, unlike mortgage payments that will eventually end and leave you with a home to call your own. There are lots of pros and cons to both, but we believe investing in a property of your own is a smart move.

If you’re considering a single-family home, condo, or other property to call your own, give our DFW real estate agents a call today.

What People Are Saying

We love using Team Nelson to buy and sell homes! The entire team is incredibly knowledgeable, helpful, and responsive. Tara has been are go to for anything we need to know about local market and market trends. They will schedule a meeting in person at your home and give you honest expectations of the sell of your home. They meet and often exceed the expectations they set for their customers.
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Demi Devine