Rent prices for Dallas-area homes continue to soar

As the cost of homes for sale continues to soar, rental prices have also been seeing explosive growth over the last few years.

Rental prices for single-family homes in the Dallas area grew 13.4% in January compared with a year earlier, with the median price for a three-bedroom rental house rising to $1,961, according to a new report from CoreLogic.

U.S. single-family rental prices have increased 12.6% from a year ago. The national rent growth in January more than tripled the gain recorded in January 2021 and more than quadrupled from the increase from January 2020, CoreLogic economists found.

“Single-family rent growth extended its record-breaking price growth streak to 10 consecutive months in January,” said Molly Boesel, principal economist at CoreLogic, in the report. “Rents increased across the country, and the gains were highest in the Sun Belt, which also had strong population growth last year.”

Among the areas surveyed by CoreLogic, Dallas-area home prices saw the eighth-largest annual change in January.

In the for-sale market, the median sale price reached a record $365,000 in February, up 21% from a year earlier, according to the latest data from the Texas Real Estate Research Center at Texas A&M University and North Texas Real Estate Information Systems.