DFW area rent rising at record rate, excluding some families – CBS Dallas / Fort Worth

NORTH OF TEXAS (CBSDFW.COM) – Finding an apartment to rent in the DFW Metroplex is becoming more and more difficult and expensive.

According to RealPage, there are 70,000 more tenants here today than before the pandemic, the biggest increase in the country.

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This has pushed up the cost of new leases by 16% over the past year, a record.

“It was very heartbreaking because we lived there for 6 years. We always paid the rent on time, ”said Frances Salinas, whose family was evicted from their home earlier this year.

Her resort, she said, increased the rent by $ 500 per month and told her family she was no longer qualified to live there.

“Because we no longer earn three times the amount of the combined rent,” she said.

Frances works as a teaching assistant at Plano ISD. In her free time, she tends the tables at a local restaurant. Her husband is a disabled army veteran. For months, they searched for an affordable home that could fit their family of five.

“We broadened our search to Denton County, went to Carrollton, Little Elm, The Colony, Allen, Far East Allen, Far East Plano, Richardson, looking for a reasonable rental that could accommodate all of us, but this was still not the case. too far from our work and our school, “she said.” It was deadlock after deadlock. “

The competition, she found, was fierce.

“Even after a day in the rental market, many places we looked at already had 10 applicants,” she said.

Even when she offered to pay more than the rent asked, she still lost.

“One person was asking $ 2,000 a month. “Let’s give them $ 2,200 a month.” So we were literally making offers like we were buying the place, ”she said.

Realpage Deputy Chief Economist Jay Parsons reports that 97% of rental units in DFW are occupied and the average rent is $ 1,387.

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“The rent increases according to supply and demand. There is simply not enough housing supply, ”he explained.

The median income of renters in the area also reached $ 68,000, another record.

“DFW is a magnet for people. People are moving from everywhere. They come here. They bring in big income.

If your income hasn’t increased, however, it can be difficult to keep pace.

Every apartment community is indeed full, ”said Ian Mattingly, president of the Apartment Association of Greater Dallas.

In his 20 years of resort management, Mattingly says he’s never seen such high occupancy levels throughout the Metroplex.

But do landlords increase rents because they have to or simply because they can?

“It’s a bit of both,” he says. “The inflation that we see in other sectors of the economy affects us in the residential housing industry, maybe as much as anything, because we buy paint, we buy appliances.” , did he declare.

In some parts of the market, he said, revenues are actually going down. According to him, the rise in rents also appears more dramatic because rates barely budged last year.

Whatever the reason, says Salinas, it’s too much for his family. They are now reluctantly moving to Oklahoma to live near their family.

“My husband really took it all the way. Because he was born in Texas. He was in the Texas National Guard. And he feels like his own condition has kicked him out because he can’t afford to live here, ”she said.

Parsons says that if you are a tenant, your best bet is to stay where you are. Tenants who renew a lease usually get a better deal than those who sign a new one.

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Mattingly, meanwhile, suggests locking down the lease as long as possible. Rates, he says, are expected to continue to rise.

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