With only two months left in 2022, renters will get some relief. After a year and a half of record-setting rent hikes, the market appears to be turning a corner. The national median rent decreased by 0.7% in October, the second straight monthly decline and the largest single-month dip in the history of our index, going back to 2017. The cooldown is widespread, with rents down this month in 89 of the nation’s 100 largest cities. An Apartment List survey which covered Q3, also found that:
Rents in Dallas decreased 0.9% month-over-month in September, compared to a 0.7% decrease nationally.
Year-over-year rent growth in Dallas currently stands at 10.1%, compared to 15.4% at this time last year. Year-over-year growth in Dallas ranks #11 fastest among the nation’s 100 largest cities. Rents in Dallas are up by 24% since the start of the pandemic in March 2020.
Median rents in Dallas currently stand at $1232 for a 1-bedroom apartment and $1472 for a two-bedroom.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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