Dallas Apartment Rent Growth Picks Back Up
After a lackluster 2018 in which Dallas failed to grow rents above 2%, 2019 has already showed strengthening performance. Dallas’ 3rd quarter 2019 annual rent growth of 3% makes for the strongest performance the North Texas market has seen since 2017, when construction activity briefly dipped. Compared to a year ago, Dallas rent growth has more than doubled, growing from 1.3% in 2018’s 3rd quarter. Dallas’ northern suburbs are largely causing the renewed momentum. Areas such as Plano, Frisco, Allen, McKinney, Richardson, Las Colinas and Coppell were all seeing flat to declining rents a year ago but are now growing rents roughly in line with the market average. These areas have also been construction centers in the market.