Dallas lost its title as Texas' hottest rental market during the peak summer season of 2024, now ranking as the state’s second-most competitive. This shift is due to heightened competition among renters and a rapid apartment turnover rate.
Meanwhile, Houston took the top spot as Texas' most sought-after rental market this summer, driven by a limited supply of new apartments and a high rate of lease renewals. These insights come from Rent Cafe’s latest rental competitiveness report, which highlights the most challenging and accessible markets for apartment hunters across the U.S. during the busiest renting months.
According to the report, finding a rental apartment in Dallas was quite challenging this summer, as apartments were on the market for an average of only 39 days. This high demand created intense competition, with eight renters vying for each available unit. In comparison, Miami saw even fiercer competition, with 18 renters competing for each apartment this summer.
Recent months also saw new construction add just 0.72% to Dallas’ housing inventory. However, due to the overwhelming demand, these new units were rented out almost as quickly as they became available. Additionally, a significant 59% of current apartment dwellers chose to renew their leases, contributing to a robust occupancy rate of 92.4%.
Given these metrics, Dallas achieved a rental competitiveness index score of 73.5, an increase from last year’s 70.3, keeping its status as a highly competitive rental market.
Earlier this year, Fort Worth was given a similar title. The city was revealed to be one of the most competitive rental markets in America as a whole. According to the report, in March 2024, Fort Worth was the 32nd most competitive rental market in the nation, out of 139 areas examined in the study. Fort Worth secured its position due to an average of seven interested renters per vacant unit, resulting in apartments being filled in just 41 days, which is in line with the national average.
Despite a modest apartment stock increase of 0.77%, renters faced challenges in finding new homes because of the area's tight occupancy rate of 92.2%. This combination made the search for a new apartment more competitive, even with slightly more options available.
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