New data shows Dallas has been hit hard with rent increases this past year — we’re talking a 42% increase for two-bedroom apartments and a 47% increase for a three bedroom.
That said, suburban rentals have shot up even more aggressively, and, when you drill a bit more into the data, some of the neighborhoods covered by the Advocate — Lake Highlands, East Dallas, North Oak Cliff, for example — have quite competitive rent prices.
Here are the numbers for Dallas overall:
The average rent for a unit in the City of Dallas is between $1,498 and $2,328 in 2022. For a studio apartment in Dallas, the average rent is $1,498; one-bedroom apartments in Dallas average $1,583; two-bedroom apartments average $2,069 and a three-bedroom unit in Dallas averages $2,328.
In Lake Highlands, the average is $1,339, which is up 67% year over year. In East Dallas, the average rent is $1333, which is a 3% annual increase; Lakewood is $1,250 (if you find a place to rent there); North Oak Cliff rentals average $1,015, a 2% year over year increase. (With many new apartments under construction, expect that to increase in the coming years).
The average rent in Vickery Meadows, which falls between Lake Highlands and East Dallas, is $695, affordable, yet that comes with some problems, on which KERA is doing a series. South Dallas’ Cedar Crest neighborhood is the most affordable, according to the data, which is provided by analysts at rent.com.
Neighboring cities’ rents are typically higher than Dallas — rents increased 73% in Richardson and 75% in Addison. The full report can be seen here.
