Soaring Dallas apartment costs haven’t put a dent in rentals
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 Rent |
| 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 |
Source: Zumper Inc.
For more stats, check out Multifamily under Dallas-Fort Worth-Arlington Market Data Sources.
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