Real estate data analysis sites like RentCafe and Niche keep encouraging people to move to Dallas.
Whether that is a good thing is debatable, but here’s the latest “best places to live” rankings and analysis from “your trusted source of information on everything apartment-related,” RentCafe, and how Dallas stacks up (followed by a look at neighborhood-level considerations for both renters and buyers).
Dallas made the RC researchers’ list of top 50 best American cities to rent, at No. 32, and nearby Plano made an impressive No. 2 on the list. In all, southern cities dominated the list, which apparently did not account for summer weather (but actually it did, in the form of the study’s “air quality” metric).
The researchers looked at 20 “relevant metrics” including apartment quality, local economy, traffic, air quality and natural amenities and more grouped into three categories: cost of living and housing, local economy and quality of life. (Each metric received a score based on a minimum and maximum value multiplied by the metric’s weight.)
Analyzing our city’s housing situation, for renters:
According to the study, Dallas proper, with a population of 1,300,239, ranks 53rd for “housing and cost of living”—our apartment occupancy rate is 93.7%. Our share of new apartments 11%, share of high-end apartments is 49.1%, and share of renter households in Dallas is 58.6%. The average cost to upsize by one additional bedroom is $310 per month. There are about 12 applicants per vacant unit, and the lease renewal rate is 62%.
Dallas’ “local economy” ranks No. 20 on the list of 140 cities — the unemployment rate is 5.1%, share of higher-educated residents is 35.6%, average renter income is $47,349.
For quality of life we rank 76th — in natural amenities we received a 4, share of car users is 72.3% and our share of good quality air days is 64.3%. The full list of scores for Dallas and the other cities is here.
This graphic illustrates how Dallas’ scores compare to the best and worst cities in each category:
Courtesy RentCafe and Yardi Matrix
According to RentCafe researchers, “the common denominator of smaller and larger cities is their high potential for job growth and a generally lower cost of living compared to other places in the U.S.”
For an example of what a top city for renters offers, here’s what the experts had to say on our neighbors to the north: “Plano, TX received high scores when it comes to local economy, where it ranks second, as well as quality of life, for which it ranks sixth.
Plano’s reputation for producing great academic achievers make it an ideal spot for families looking for a city with excellent public schools, in addition to its great air quality and significant share of high-end apartments (78.2%). What’s more, because the city is also home to a variety of headquarters for large companies — such as Bank of America, Hewlett Packard, FedEX, JCPenney and Pepsi — it also has one of the highest job growth rates nationwide.”
Down to the hyperlocal level:
The data analysts at Niche previously have listed the “best places to live” in the Dallas area based on home values, property taxes, home ownership rates, housing costs and real estate trends. The Moss Farm area of Lake Highlands (median home $479,463, rent $977, population 3,247) makes No. 6 with only suburbs Southlake, Richardson and Plano ranking higher. (The nation home price median is $244,900 and rent is $1,307, for comparison).
East Dallas’ Wilshire Heights (median home 583,332, rent $2,182, population 1,404) ranks No. 20 and No. 2 on best places to buy a home in Dallas. East Dallas’ Lake Ridge Estates, (median home $359,929, rent $1,771, population 4,401) in East Dallas ranks No. 3 best place to buy a home by Niche researchers.
Preston Hollow’s Northaven Park neighborhood, with a population of 3,558, ranks 26th in the DFW area and No. 4 in the Dallas area places to buy a house (with the median home price $639,453 and rent at $815, but only 4% are renters).
Kessler Park in Oak Cliff did not appear until No. 43 place to buy a home on Niche’s list, with a population of 5,594, median home price of $518,898 and rents averaging $1,307.
