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It's Not Just Home Prices; Rent In DFW Is Also Going Up

IRVING, Texas (CBSDFW.COM) - Bad news for those hoping to avoid the expensive housing market by renting.

Two new studies are finding that rents around North Texas are on their way up.

Keri Cooper is like a lot of North Texans who wants to buy a place to live but can only afford an apartment.

"My mom actually said I waited too long to find a house," said Cooper. "I just cannot afford to buy anything in this area anymore, it's just absolutely ridiculous."

But Cooper and others seeking refuge by leasing have recently been experiencing sticker shock.

She lives in Irving where the only thing hotter this summer than a restaurant patio, is skyrocketing rents according to new studies.

A rental listings site Zumper found rents in Irving rose by more than 5% between May and June, the highest in the country.

Plano was not far behind while some North Texas cities like Arlington saw slighter increases.

"Out of this entire Lake Carolyn area I'd say these are the cheapest which is the only real reason we live here," said Irving resident Sarah Parker.

Parker and Dylan Hills had trouble finding an apartment within their budget when they recently moved to Irving.

"They were closer in price to Downtown Dallas as in Irving which was a weird one for us," said Hill. "Do we pay a significant portion of our monthly income and rent? Yes, absolutely. Do we want to pay less? Absolutely."

Another new study found average rents across DFW have increased % from $1,491 in March of 2020 to $1,536 one year later.

The studies say the reason for rent inflation is a big population migration to North Texas set off by the pandemic.

Unfortunately, for tenants like Cooper, there's no sign things will change.

"Luckily my apartment has been reasonable as far as rent increases but I really won't know until my next renewal is up what the price will be, but if it's good I'll stay. If it's not good I may have to move back in with my mom," said Cooper.

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