DALLAS (CBSDFW.COM) – The historically low inventory of homes for sale in North Texas is causing a pinch on the rental markets now, according to real estate experts.
They say the factors driving the trend are out-of-town residents, low mortgage rates, and a delay in construction projects.
Taylar Mata is a Dallas renter who just relocated back to Texas with her husband and young child.
She said, “Husband and I just had a baby and while a house sounds ideal a house is just not in the cards right now.”
Like Mata, who prefers a home, many North Texans are choosing to rent under this extreme market as they wait for it to stabilize.
Kaitlynn Keller from Smart City Locating added, “People are really turning to renting more so than ever. We’re seeing a lot of demand right now.”
That demand has created a bit of a squeeze in the rental markets, too.
Online rental resource site Zumper says in Dallas a three-bedroom rental is up about 14% to $2,100 a month compared to last year.
In Fort Worth a three-bedroom rental is up 12% costing about $1,800 a month compared to 2020.
Keller described the recent rush to get an apartment by saying, “We can get people in. You just have to be quick to get the unit you want at the price you first saw it at.”