The median price for rent has risen almost 20% in Dallas since last year at this time, according to Realtor.com’s Monthly Rental Report for May, released Wednesday.
The median rent in Dallas for May was $1,676 — up 19.7% year over year — that’s $1,439 for a studio apartment, $1,543 for a one bedroom unit and $1,958 for a two bedroom.
The national median is $1,849 per month, representing a 26.6% increase since 2019 before the pandemic began. While May marked the 10th straight month of double-digit annual growth in national rents, the increase was the smallest since September 2021, which economists call “a glimpse of light at the end of the tunnel.”
They also point to a recent housing report that shows a forecasted increase in for-sale home inventory, which could improve first-time buying opportunities and take a little pressure off rental demand and prices.
Active listings in Dallas are up 34.4% and new listings are up 18%. That said, the homes are selling even faster than last year, at a median 23 days on the market, which is -8%. (The median home price in Dallas is $473,000.)
“There’s no question that renters are facing sky high prices, and with rising inflation reflecting price jumps for both rents and everyday expenses, many renters are feeling the strain on their finances,” says Realtor.com’s chief economist Danielle Hale.
“Still, our May data suggests that the rent surge is beginning to lose some steam, in part because incomes can’t keep up, even in the strong job market. Although rent growth remains historically high, the rate has been gradually cooling since January … if these trends continue, last month’s prediction of rents surpassing $2,000 sometime this summer is going to take longer to materialize.”
