Dallas Vacancy Rates Tumble, Rent Rises Nationwide
Rents skyrocketed this past quarter across the country, and Dallas was not spared.
Tumbling vacancy has driven rents up .9 percent, according to real estate analysis firm Reis Inc. Experts expect the year-over-year rents in Dallas to climb between four and six percent, the highest increase in more than a decade.
“Vacancy has not been this low since the wake of the dot‐com boom more than a decade ago and there is a paucity of available units,” REIS senior economist Ryan Severino wrote in comments accompanying the data.
Dallas vacancies peaked in 2009 at 10.7 percent, but that rate has now fallen to 5.9 percent, driving demand. New York and Portland had the lowest vacancy rates nationwide, at 2.2 percent, according to The Daily. New York also has the highest average rent, at $2,935. Dallas is paltry in comparison: $778 a month.
Check out the full Dallas report from Reis here. Reuters’ report also claims vacancies have hit a 10-year low.
