Median home prices in townhomes for rent in Dallas are expected to rise nearly 16% this year, with home sales growth surpassing that of the other three major metropolitan areas in Texas. An above-average population of millennials, a strong incoming population growth, and a thriving economy are just three of the many reasons why the Dallas real estate market and demand for rental properties
Real estate investors love Dallas, and it’s easy to see why. There’s something for everyone: Millennials flock here for the jobs and big city excitement, families put down roots in its quaint suburbs, and retirees love the warm climate and quality of life to live in townhomes for rent in Dallas.
Why people focus on Townhomes for rent in Dallas?
Dallas is one of the most recognizable and bustling metropolitan areas in the United States – if not the world – and is considered a near-door city for investors looking for reliable and liquid real estate environments. Fortunately, despite its popularity and rapid growth, Townhomes for rent in Dallas is still an accessible market with many advantages.
We took a close look at the numbers to get a clearer picture of what makes this North Texas metropolis such a bright star.
Here are several key reasons why Reneto Realty could be a prime location for your next rental property.
Population growth
The population of Texas continues to explode as people settle in the state in droves, according to the Dallas Business Journal. In the Dallas metro area alone, the population grew nearly 2% last year, helping Texas add more residents last year than any other state in the United States.
Key population statistics:
Dallas is home to over 1.3 million people in the city and over 7.5 million residents in the metro area.
Dallas’ population grew 1.9% last year alone.
Dallas is the 3rd largest city in Texas and the 4th largest metropolitan area in the country.
Major counties in the Dallas metropolitan area include Dallas County, as well as Collin, Denton, Kaufman, and Rockwall counties.
Dallas-Fort Worth could see the nation’s largest population increase this decade, with the population expected to grow nearly 18% by 2029.
The median age in Dallas is 35.2 years old with 43% of the population between 20 and 49 years old.
Per capita income in Dallas is $ 36,274 and the median household income is $ 72,265.
The job market
While many other parts of the country are still struggling to recover, Dallas is still an employment hub. As D magazine reports, new jobs in Dallas over the past decade have created a land rush that has made Dallas and the rest of Townhomes for rent in Dallas one of the fastest growing areas in the country.
What should you know about the Townhomes for rent in Dallas
Key employment statistics:
The GDP of the Dallas-Fort Worth-Arlington, TX MSA stands at nearly $ 523.9 billion, according to the Federal Reserve Bank of St. Louis, and has grown nearly 62% over the years. Last 10 years.
Job growth in Dallas-Fort Worth is 2.89% year-on-year, with the metro area employing more than 3.8 million employees.
Median household incomes in Dallas have increased more than 3% year-on-year, while median property values have increased more than 11% in the past 12 months.
The unemployment rate in North Texas Land for Sale is currently 6.1% (as of October 2020), with the construction, trade and transportation, financials, and professional and business services sectors showing the fastest signs of new growth (BLS).
Targeted industrial sectors in Dallas include building design and construction, corporate headquarters and operations, food manufacturing, IT services, logistics and telecommunications.
Baylor Scott & White Health, Texas Health Resources, Lockheed Martin, University of Texas Southwestern Medical Center, and Medical City Healthcare are Dallas’ top five employers.
Major colleges and universities in the Dallas metro area include the University of Texas at Arlington, the University of Texas at Dallas, the University of North Texas, and Southern Methodist University.
Almost 87% of Dallas residents have a high school diploma or above, while over 36% have a bachelor’s or graduate degree.
Transportation infrastructure in Dallas includes four major interstate highways, two commercial airports, and several transit systems.
Dallas / Fort Worth International Airport (DFW) is the second largest airport in the United States and is larger than Manhattan Island.
Real estate market
The townhomes for rent in Dallas is the strangest of all time, according to D Magazine. Homes are selling at “a near frenzy,” with more than half of the homes for sale in Dallas receiving multiple offers for most of the last year. Realtors in Dallas note that waves of outsiders are arriving in North Texas Land for Sale from high cost living areas such as New York and San Francisco.
Key Market Statistics:
Zillow Home Value Index (ZHVI) for Dallas is $ 259,621 through May 2021.
Home values in Dallas have increased 12.3% over the past year.
Over the past five years, home values in Dallas have increased by over 56%.
The median selling price of a single-family home in Dallas is $ 302,000 according to the most recent report from the MetroTex Association of Realtors (May 2021).
Median selling prices of single family homes in Dallas increased 21.5% year-on-year.
The number of days to market (median) is 32 days, with single-family homes in Dallas selling almost 42% faster than a year ago.
Active listings of single-family homes in Dallas fell 50.7% year-on-year.
Of the 112 neighborhoods in Dallas, Preston Hollow is the most expensive with a median real estate listing price of $ 1.9 million, according to the most recent report from Realtor.com.
The most affordable neighborhood in Dallas is Cedar Crest, where the median price of a home is $ 159,900.
An attractive tenant market
Home prices are rising in most areas of North Texas Land for Sale, creating one of the hottest markets in North Texas.
As the Dallas News reports, low mortgage rates and feverish demand from state buyers and distant real estate investors are pushing home prices up to 50% in some of Dallas’ most popular neighborhoods. High housing prices in Dallas, along with a growing population and a thriving job market are three reasons why rental property demand in townhomes for rent in Dallas is expected to remain robust in 2021.
Key Market Statistics for Townhomes for rent in Dallas:
North Texas Land for Sale is $ 2,200 per month for a 3-bedroom home, according to Zumper’s most recent research (July 2021).
Rents in Dallas increased 13% year-on-year.
Renter-occupied households in Dallas represent 44% of the total occupied housing units in the metro area.
The most affordable neighborhoods in Dallas for renters include Cockrell Hill, Five Mile Creek, and Preston North, where rents are around $ 1,000 per month or less.
The more expensive neighborhoods in townhomes for rent in Dallas include Glencoe Park, Lakewood, and Uptown, where rents can run as high as $ 4,800 per month.
