DFW rent is rising fast — faster than almost anywhere else in the country. So, if you’ve recently experienced a situation that leaves you with a vacant property, it’s time to reap the benefits from your situation.
- Were you called on military duty and do you want to keep your options open when you return?
- Are you thinking about moving closer to family, but do you want to keep your DFW home as a rental to generate income?
- Are you moving out of town for work — permanently or temporarily — and do you want to keep your house in case you come back?
- Do you want to move across town to be closer to your office?
- Is it time to upgrade for your growing family or to downsize since your kids have moved out?
Now’s a great time to rent your current property, no matter what situation left you with a rentable home.
Why Rent in Dallas?
Growing Rental Rates
You’ve got a profitable home ready to rent in a rental market second only to Seattle. Rent is up 5.6 percent from last year in the DFW area. Meanwhile, home prices in the Dallas area have risen 10 percent this year and are at record levels. But we don’t think they’re done rising.
There’s no need to cash out on your property yet. Those numbers evidence a growing demand for homes in the DFW area — making this a great time to be a homeowner and a landlord.
Residents Prefer Renting
Even with increasing rental rates, many DFW residents choose to rent rather than buy. Why? Houses are still relatively expensive, and people aren’t looking to increase their debt. That’s good news for landlords.
Steve Hovland, director of research at HomeUnion, cites “residents who prefer renting over homeownership as median home prices remain relatively high and the cost of mortgage debt continues to increase” as a key factor in high rental markets. With people who prefer renting and new residents moving in every day for the growing job market, the rental market shows no signs of slowing down.
While rising rates aren’t good for everyone, they’re great for investors. DFW is one of the few areas of the country experiencing so much growth. So, landlords, if you’ve got a property (or are looking to invest) in the Dallas-Fort Worth metroplex, it’s a great time to reap the profits from a market on the rise.