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For A Big Metro, DFW Multifamily Rents Remain Relatively Low

For A Big Metro, DFW Multifamily Rents Remain Relatively Low

Dallas apartment rents began 2019 as the 29th highest out of the country's largest 100 cities, while Fort Worth came in at 47th most expensive, according to a new report by Zumper

Considering that the Metroplex is the nation's fourth-largest metro area by population, apartment rents are thus a relative bargain in DFW compared to other large U.S. metros.

Zumper data puts median rent for a one-bedroom unit in Dallas at $1,250/month, while a two-bedroom unit goes for a median of $1,680/month. In Fort Worth, the same kinds of properties rent for a median of $1,060/month and $1,230/month, respectively.

Among the nation's three largest metro areas, two cities have astronomical rents: New York is the second-most expensive (behind San Francisco) with rents for a one-bedroom unit at $2,750/month and for a two-bedroom at $3,110/month. Los Angeles is fifth-most expensive, charging a median of $2,450/month for one-bedroom units and $3,220/month for two bedrooms. Chicago, which anchors the third-largest metro, is a little cheaper, coming in at 18th highest. Median Chicago apartment rents are $1,500/month and $1,850/month for one- and two-bedroom units, respectively.

The Metroplex might fall in the rankings in future years: Rents are mostly edging down after years of growth since the end of the recession. In Dallas, one-bedroom rents dropped 3.1% year over year by the end of 2018, while two-bedroom rents were off 2.3% over the same period, Zumper reports.  

Fort Worth, on the other hand, saw a 7.1% increase in median one-bedroom rents and an increase of 1.7% for two bedrooms.

The difference between the larger Dallas market and the smaller Fort Worth market reflects a national trend, Zumper said. Year over year at the beginning of 2019, most rent growth was in mid- to lower-tier markets. 

Rents in the top cities by population stayed relatively stable, with a few exceptions, in that time period.

Nationally, one-bedroom median rent grew 0.4% in December to $1,217/month, while two-bedroom rents increased 0.1% to $1,440/month. For the year, one-bedroom rents were down 3.1%, while two bedrooms were up 3.7%.

The Zumper National Rent Report analyzes rental data from over 1 million listings across the United States. Data is aggregated on a monthly basis to calculate median asking rents for the top 100 metro areas by population.