Moving to Dallas can be one of the best decisions you can make as far as apartment living goes. Known as the Silicon Prairie, the home of the Dallas Cowboys, and one of the nation’s best urban arts districts, the Big D has a promising local rental market. Here’s what to expect when living in Dallas as a renter.
Dallas is one of the top areas in Texas where renters from other states have chosen to move. According to a study, 21% of renters that relocated to Dallas came from a different state. This is because Dallas has something for everyone. Millennials come here for the big-city jobs, families decide to settle here because of its suburbs, and retirees love the overall quality of life.
The average rent for an apartment in Dallas is $1,263. This is a 1.1% increase compared to last year. According to the study by Apartment List Rent Estimates of April 2021 on rental costs, 26% of apartments in Dallas cost less than $1,000 a month, while 55% cost between $1,000 to $1, 999 per month. In addition, 11% of Dallas apartments cost between $2,000 to $2, 999 monthly, while 8% cost over $3,000 per month.
The average apartment size for Dallas is about 848 square feet but this depends on the unit type and the alternatives available for luxury and affordable apartments. Among the most affordable apartments are studio apartments. The average rent for studio apartments is $1,236 while for 1-bedroom apartments, it’s about $1,310. 2-bedroom and 3-bedroom apartment rentals in Dallas cost about $2,049 to $3,493, respectively.
To help you choose which Dallas neighborhood is best for your preferences and lifestyle, it’s good to know what the average rent is in these places. The most expensive neighborhoods are Brighton Lofts North, Brighton Lofts South, and Grammercy Place with rent costing an average of $2,623monthly. Coming next are Caruth Hills, The Shelton, and Idlewild with $2,318 rent monthly. Among the posh neighborhoods include Downtown Dallas ($1,952), Victory Park ($1,900), Uptown Dallas ($1,878), and Bryan Place ($1,704).
On the other hand, among the most affordable neighborhoods in Dallas are Arbor Ridge, Arbor Springs, and Casa Loma Estates where the average rent per month is $790. There are listings in Garden Heights, Hickory Creek, and Highland Vista Estates with the same monthly average in rental payments.
The most popular neighborhood in Dallas is Uptown Dallas with an average rent of $1,878. Following in popularity are Lake Highlands ($987/month) and then Munger Place ($1,386). North Dallas and Peak’s Addition are also famous neighborhoods where people choose to live with an average monthly rent of $1,513 and $1,682, respectively.
These salary estimates give a good picture of how you can afford apartment living in Dallas. Of course, for practicality, you can always get a roommate to help cut your monthly rent. For an average-priced studio apartment, your annual salary should be about $44,496 or higher. For an average priced 1-bedroom apartment, your salary should be $47,160 or higher. For an average priced 2-bedroom apartment, your salary should be $73,764 or higher. And for an average priced 3-bedroom apartment, your salary should be anywhere around $125,748 or higher.
Although these are rough estimates, it is good to know that Dallas offers a lot of employment opportunities. Fortune 500 companies are located in the Dallas-Fort Worth Metro as well as other well-reputed companies and businesses. Renters in Dallas enjoy this diverse economy in this corporate headquarters locale. Some of the best places to earn a living are AT&T, Southwest Airlines, Texas Instruments, Tenet Healthcare, Neiman Marcus, Corner bakery, Match.com, Hotels.com, Chili’s and Dave & Busters. These job options make Dallas a great place for renters to live in and thrive.
Recent research by Zumper reveals that rents in Dallas increased by 14% year-over-year and 44% of the total occupied housing units in the metro area are renter-occupied households. Since 43% of the population are millennials and Gen Zers, Dallas is bustling with young professionals contributing to Dallas’ creative, cultural, and urban culture. With real estate prices being affordable here, the job market remains robust while the cost of living is relatively low. This affirms what Forbes says as Dallas is the second-best place for business and careers in the U.S., and how U.S. News & World Report states that Dallas is among the best 25 places to live in the country.
Dallas is one of the fastest-growing cities mostly because of the growth in the rental market. Here, there are tons of jobs, educational opportunities are plenty, and living here is affordable. You don’t need even need a car to go around. Most of all you won’t get bored with so much to do and so many places to visit. Best of all, it rarely ever snows! It is a smart city to relocate to.