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.