Dallas Suburbs Gaining Renters Faster Than Urban Counterparts
As much as the U.S. is urbanizing, it is also suburbanizing. New data from RENTCafé shows that suburbs are gaining renters faster than urban cores in 19 out of 20 major U.S. markets, including Dallas.
Dallas’ suburbs gained 17% more renters from 2011 to 2015 compared to Dallas’ 11%. This trend was more severe in Atlanta, Phoenix and Riverside, California.
Atlanta’s suburbs gained 25% more renters from 2011 to 2015, compared to the core’s 10%. Phoenix’s suburbs gained 23% more renters compared to the core’s 14%. Riverside’s suburbs gained 23% more renters compared to the core’s 13%.
Though the burbs grew more by percentage, Dallas’ 58,000 new apartment residents topped the suburbs’ 53,000 new residents.
Suburban rents are typically a bargain compared to their urban counterparts across much of the U.S., but Dallas-area rents are only $5 less monthly than Dallas proper rents. But within North Texas, Dallas and Fort Worth rents are not growing as fast as several surrounding cities such as Midlothian, Weatherford and White Settlement.
Of the renters in the Dallas area, 62% live in Dallas, compared to 38% in the suburbs.