Soaring Dallas apartment costs haven’t put a dent in rentalsSoaring Dallas apartment costs haven’t put a dent in rentalshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=28172014-10-10T12:41:00Z2014-10-10T06:25:00Z

DALLAS - An average new apartment in Dallas’ Uptown neighborhood can cost twice as much as the mortgage payment on a mid-priced North Texas home.

They are willing to pay more for the luxury rental lifestyle and an address in the heart of Dallas.

Greg Willett, vice president with longtime Dallas apartment market firm MPF Research, warns, “we need to pay attention to the affordability factor.”

“You are pushing rents above the wage growth level,” Willett told developers meeting in Dallas this week. “You can do that for a while but not indefinitely."

Top-of-the-market apartment rents in Dallas are eye-popping, but they are still cheap compared to a lot of other major U.S. markets. Dallas ranked 14th among top United States apartment rental markets in a new report by Zumper Inc.

Below is the ranking of top apartment rental markets, according to Zumper's report.

The chart below is ranked by current median monthly cost for a one-bedroom unit.

Market Median
San Francisco $3,200
New York City $2,950
Boston $2,350
Washington, D.C. $2,144
Chicago $1,790
Miami $1,750
Los Angeles $1,708
Seattle $1,615
San Diego $1,425
Philadelphia $1,375
Minneapolis $1,325
Denver $1,170
Atlanta $1,150
Dallas $1,124
Houston $1,120
Top U.S. Apartment Rental Markets

Source: Zumper Inc.

For more stats, check out Multifamily under Dallas-Fort Worth-Arlington Market Data Sources.

Dallas Morning News
Dallas-Fort Worth-Arlington
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