While our Dallas-Fort Worth real estate agents know there are some good reasons people choose to rent an apartment, we also know that money could go toward an investment in your future! Considering how much it costs to rent an apartment in North Texas these days, a monthly mortgage payment wouldn’t be much higher, if higher at all. From Plano and McKinney to Frisco and other cities, rents are soaring.
In April, you could expect to pay an average of $1,355 per month for an apartment in Richardson according to RentCafe. While average monthly apartment rents are a bit lower in Dallas and Fort Worth at $1,206 and $1,097 respectively, that’s still a good chunk of income for what’s usually not a very big space – and one that will never be yours, no matter how much money you spend on it..
What would you expect to pay on average for an apartment in Grand Prairie? About $1,094. Rent for an apartment in Garland averages $1,038 per month, while you can find apartments in Mesquite for just under $1,000. In Irving or Lewisville apartments cost on average $1,151 per month.
Coming in second for the highest average rent in April is Frisco, where you can expect to pay close to $1,350 per month. In third place for highest increases in monthly rent is Plano at $1,287. If McKinney is your destination, the average monthly rent is $1,258, a 1.1 percent increase over average rent in March.
On a bright note, reports say that there are more apartment construction supplies on the way to Dallas than to any other city in the U.S., and that we can expect to see 29,000 additional apartments in Dallas in the near future along with 7,000 in Fort Worth. This is according to RealPage Inc. data, a company based in Richardson.
Sure there are some perks to living the apartment lifestyle – no grass to mow or other yard maintenance, lots of neighbors, etc. That said, there are many more perks to owning your own home! If you decide that maybe apartment living isn’t for you, our realtors are ready to help you buy a home in DFW. Contact Team Nelson today and expect a great experience.
