Dallas Rent Report: Where in Dallas Can Renters Get the Most (and Least) Space for Their Money
With companies delaying their return-to-office plans amid the ongoing pandemic, many remote employees are feeling crunched for space in their apartments-turned-home-offices. In this report, we highlight the Dallas neighborhoods where renters are most likely to get more space for their rental dollars, as well as the cost to upgrade to a larger place.
Dallas Rent Prices: Monthly Cost Per Square Foot by Neighborhood
We analyzed prices and square footage of available 1-bedroom apartments in Dallas and found that space-wise, renters get the most bang for their buck in the Bishop Arts District. In fact, the cost per square foot ($1.25/PSF monthly) in Bishop Arts is half that of Uptown Dallas, Victory Park and Knox/Henderson, where 1-bedroom apartments are each over $2.50/PSF monthly. Costs for space in the Lake Highlands neighborhood are also comparatively low at $1.34/PSF monthly.
Below are the median rents, areas, and costs per square foot statistics for 1-bedroom apartments in each neighborhood analyzed for this study.
Neighborhood | Median Monthly Rent 1-bed | Median Area in Sq. Ft. 1-bed | Monthly Cost per Sq. Ft. 1-bed |
|---|---|---|---|
Bishop Arts District | $914 | 698 | $1.25 |
Lake Highlands | $890 | 688 | $1.34 |
North Dallas | $1,108 | 700 | $1.56 |
Oak Cliff | $1,120 | 700 | $1.70 |
The Cedars | $1,337 | 762 | $1.72 |
Old East Dallas | $1,248 | 684 | $1.85 |
Downtown Dallas | $1,516 | 790 | $1.93 |
Design District | $1,442 | 760 | $1.94 |
Oak Lawn | $1,492 | 739 | $1.98 |
Cityplace | $1,566 | 759 | $1.99 |
Lakewood | $1,408 | 645 | $2.05 |
Deep Ellum | $1,740 | 759 | $2.45 |
Knox/Henderson | $1,735 | 727 | $2.51 |
Victory Park | $1,848 | 782 | $2.52 |
Uptown Dallas | $1,942 | 764 | $2.57 |
*The rents and costs per square foot data listed above are based on the medians. Actual rents and cost per square foot for individual units will vary. Only neighborhoods with a minimum of 35 available 1-bedroom units were analyzed.
Dallas Rental Apartments: Cost to Upgrade from a 1-bedroom to a 2-bedroom
For many renters now working remotely from their apartments, it’s not just more square footage they want, but also more separation of their work and life spaces. On average, upgrading from a 1-bedroom to a 2-bedroom unit in Dallas will add roughly 40% to the rent, but relative upsizing costs vary depending on neighborhood. Oak Cliff and Lake Highlands appear to have the best opportunities to upsize from a one-bedroom to a two-bedroom with the least impact on total monthly rent costs.
Neighborhood | Median Monthly Rent 1 -Bed | Median Monthly Rent 2-bed | Cost Difference 1-bed to 2-bed | Cost Difference as a % |
|---|---|---|---|---|
Oak Cliff | $1,120 | $1,295 | $175 | 16% |
Lake Highlands | $890 | $1,200 | $310 | 35% |
Downtown Dallas | $1,516 | $2,083 | $567 | 37% |
North Dallas | $1,108 | $1,530 | $423 | 38% |
Design District | $1,442 | $1,994 | $552 | 38% |
The Cedars | $1,337 | $1,882 | $545 | 41% |
Victory Park | $1,848 | $2,647 | $799 | 43% |
Cityplace | $1,566 | $2,250 | $685 | 44% |
Knox/Henderson | $1,735 | $2,510 | $775 | 45% |
Uptown Dallas | $1,942 | $2,971 | $1,029 | 53% |
Oak Lawn | $1,492 | $2,359 | $868 | 58% |
Old East Dallas | $1,248 | $2,004 | $756 | 61% |
Deep Ellum | $1,740 | $2,832 | $1,092 | 63% |
*Bishop Arts District and Lakewood were not included in this comparison due to insufficient quantity of available 2-bedroom units at the time of the analysis. The rents and costs per square foot data listed above are based on the medians. Actual rents and cost per square foot for individual units will vary.
The overall median rent cost per square foot for a 1-bedroom apartment in Dallas is $1.81/PSF monthly, and median 1-bedroom rent runs $1,350/per month. By comparison, this is less than Austin, TX ($1.99/PSF monthly and $1,410/per month) but more than Houston, TX ($1.60/PSF monthly and $1,277/per month).
Methodology
For this study, we analyzed one-bedroom listings available on its platform during the last month in the Dallas neighborhoods most searched by renters. Analysts did not include neighborhoods with less than 35 available 1-bedroom units at the time of the analysis. Rent prices and cost per square footage calculations were based on median rents. Listings on ApartmentAdvisor come from a range of small and large property owners and include luxury and non-luxury units. Amenities, age and quality of unit, and location specifics, among other features, all factor into rent prices. For simplicity, this analysis focused strictly on the overall cost per square foot based on asking rent prices.
Press Contact: Amy Mueller pr@apartmentadvisor.com