Despite steady increases in rent, Dallas is still the most affordable place to live in the Metroplex for apartment dwellers.
According to a report by Apartment List, rents have ticked up 1.1 percent from last year in Dallas, where a median two-bedroom apartment currently costs $1,105.
But when compared to nine other large cities in the Metroplex, the report found that renting an apartment in Dallas is comparatively cheaper.
Chris Salviati, housing economist at Apartment List, said the cost difference shows the growing desire of young people to live in the city.
"There has been soft of a move back to the city and back to urban areas with lot of jobs – lots of high-paying jobs," Salviati said. "Millennials maybe have more of a preference to that urban lifestyle."
According to U.S. Census Bureau estimates, the median age of people living in Dallas is 32.5 years, and the 20- to 39- year-old age group makes up about 34 percent of the total population.
Plano has the highest median rent – $1,420 for a two-bedroom apartment – out of the 10 largest cities in the metroplex.
A median one-bedroom in Plano costs $1,140. In Dallas, a median one-bedroom would cost $889.
“As millennials get older and get into home-buying, they’re looking back to the suburbs to find a place where they can settle-down,” Salviati said.
According to the Apartment List report, rents have been increasing throughout Texas at a rate of 2 percent, whereas the national rate is at 1.5 percent. Both statewide and nationwide trends are lower than that of Dallas.
The cost difference in renting a median two-bedroom apartment in New York City and Dallas is more than a thousand dollars. And renters in San Francisco pay more than twice the amount than renters in Dallas.
"The level of rent increment in Dallas is pretty flat,” Salviati said. “I think that tells the function of the fact that the area has done a pretty good job of suppling housing. You know, Dallas has a strong local economy.”
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