If your lease is coming to an end or you have friends moving to Dallas, keep reading! We’ve partnered with apartment locating service, Smart City Apartments, to provide the 101 on what’s happening in the Dallas market right now with apartments!
Updated February 2024
RENT PRICES
After years of high demand and low supply, Dallas is finally balancing out! This doesn’t mean rent prices will significantly drop, but they’ll be more stable than past years and won’t fluctuate so significantly. After rent increased 40% year over year in 2021, we’ve finally seen a decrease of 1.6% going into 2024.
The average rent in Dallas right now is $1,520, and it’s expected to be in that range through the end of the year. This rate definitely varies based on where you live and type of apartment you want, but is a good reference if you’re looking at apartments!
AVAILABILITY
According to Smart City, we ended 2023 with 70,000 new units at brand new complexes and 2024 is projected to bring roughly 50,000 more units to the market. Most of which are the suburbs, but there are still plenty in central Dallas! Since we’re in an “oversupply” state of the market, renters can expect lease incentives and specials (a win!)
THE VERDICT
Dallas is one of the fastest-growing metro areas in the country, so while supply is at an all-time high, so is demand! This is why Smart City is not anticipating a massive decrease in rent but a more stable environment for renters and awesome complexes to choose from.
FIND AN APT WITH SMART CITY APTS
Looking for a new apartment?! Message Smart City Apartments today to be connected to an apartment locator to help you find your next place based on location, budget, amenities, and more! The service is completely free to use and their locators also have access to exclusive rates!
