In Dallas, TX, the overall rent increased by 15.8% in 2021. However, this is still less than the national average, which sat at 17.8%.
So if you own a rental property in Dallas, TX, how much do you charge your tenants in 2023? You don't want to undercharge your tenants, or you, as the landlord, will miss out on potential income. Furthermore, you want to charge the appropriate amount, or you may lose great tenants.
So to help, we've put together this guide. Keep reading to learn the average rent in Dallas, Texas, so you know what to charge.
What Factors Affect Rent?
To know what rent you need to levy, you first need to understand what factors affect your rent cost in Dallas. If you own a rental property, you must consider the following factors in your rent costs:
Location is Everything
The first and probably most significant factor will be the location of your Dallas properties. Some neighborhoods are more desirable than others, affecting the rent you can collect. Your rental location will establish a baseline for rent, the overall demand, and your target audience.
Number of Rooms
Another factor that affects your rental price for Dallas property owners is the number of rooms the rental property has. For example, a one-bedroom apartment will rent for less than a five-bedroom property would. Typically, the more bedrooms the property has, the more bathrooms will be included, driving up the rental price.
Furnished or Unfurnished
If the property comes furnished with specific furniture or appliances, you can charge more rent than renting out the property without any furniture included. Extra amenities like dishwashers, washers, driers, etc., can add to the property's rental cost.
What Is the Average Rent in Dallas, TX
Dallas is one of the largest cities in the United States and has a wide variety of neighborhoods in which you can choose to live. If we look at rental rates for previous years, we can see that, in Dallas, the average rent for a 1-Bedroom Apartment was $1,547 in 2020. According to records, this rent cost increased by 5.06% from the previous year.
This rent cost may vary depending on which neighborhood you live in. If your property is near downtown Dallas, you can charge a higher rent due to the many available attractions in the area.
If the property is located south and east of downtown, the rent will be less despite the fact, there are more family-type homes on offer.
Confirm Your 2023 Rental Rates Today
Knowing the average rent in Dallas, Texas, is helpful if you own rental properties. Understanding what factors affect the amount of rent you can ask for means that you can accurately price your property for the rental markets and make the most rent you can. Knowing the average rent gives you a good baseline to work from, and you can adjust your rent according to the property specifications.
If you don't have time to manage your rental properties, get in touch with us today so we can help. We pride ourselves on providing you with innovative property management solutions.