DFW home rentals DMN

Median DFW home rents now top $1,900 a month.

Single-family home rentals are one of the fastest-growing property sectors in North Texas and the U.S.

And no wonder.

Rents for single-family homes are rising even faster than the recent gains for Dallas-Fort Worth apartments.

DFW home rents jumped by more than 14% in September — well ahead of the nationwide 10.2% single-family rental increases, according to a new report by CoreLogic. Single-family rent growth is at an all-time high as demand for the homes has grown, the researchers found.

The median DFW single-family rent is just above $1,900 a month, according to CoreLogic.

“Single-family rental vacancy rates remained near 25-year lows in the third quarter of 2021, pushing annual rent growth to double digits in September,” Molly Boesel, principal economist at CoreLogic, said in the new report. “Rent growth should continue to be robust in the near term, especially as the labor market improves and the demand for larger homes continues.”

Home rents are rising by the greatest rates in Miami (25.7%) and Phoenix (19.8%).

Austin tops Texas for single-family rent hikes with costs up 14.9% year-over-year. Houston rents were up 9.9%.

With many young families priced out of homeownership, single-family rentals are an attractive alternative to traditional apartments.

Dozens of rental home communities are currently in the works in North Texas with thousands of houses not intended for sale.

DFW builders started 2,786 rental homes in the 12 months ending in September, according to Dallas-based housing analysts Residential Strategies. That’s almost a 5% share of the home construction market.

The increase in single-family rental costs comes as apartment rents are also climbing.

Average apartment rents in the area were up 13% from 2020 levels, rising to a record $1,355, according to RealPage.

Even with the increases, DFW net apartment leasing set a record in the third quarter, with almost 20,000 units rented.

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