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Dallas has emerged as the most competitive rental market of the major metros in Texas, surpassing cities like Fort Worth, Austin, Houston and San Antonio, according to RentCafe's latest Competitivity Report for the 2023 rental season.
Among the major markets analyzed, Dallas ranked 37th, demonstrating a level of competitiveness on par with the national average.
Prospective renters in Dallas face intense demand, with an average of nine applicants competing for each available unit, according to the report. As a result, apartments in the city are typically leased within a swift 40-day timeframe, the report indicated, three days faster than the national average.
RentCafe is a nationwide apartment search website and a division of Yardi that provides original city-based research, insights and real estate market analysis.
The scarcity of housing supply contributes to the high level of competitiveness in the region. Recent construction activity has added a mere 0.25% to Dallas' housing stock, well below the national average of 0.64%, according to the report.
Despite a slightly lower occupancy rate of 93.4% compared to the national level of 94%, finding suitable accommodation remains a significant challenge in Dallas. This is exacerbated by the fact that 58% of renters choose to renew their leases, limiting the availability of new units.
Dallas has earned a Rental Competitivity Index score of 60, according to the report, reflecting a moderately competitive apartment market that aligns with the U.S. average.
RentCafe's research team compiled the report by analyzing Yardi Systems apartment data from 137 rental markets in the U.S.
The markets were ranked based on a market competitive score, calculated from five metrics and their averages for January through March 2023: apartment occupancy rate, average total days vacant, prospective renters per vacant unit, renewal lease rate, and the share of new apartments completed during the same timeframe.
Local multifamily units developed 2021
| Rank | Prior Rank | Company |
|---|---|---|
1 | 1 | JPI |
2 | 2 | JMJ Development |
3 | 3 | Billingsley Company |
