Steve Brown Email email@example.com
Published: December 30, 2014 8:47 am
D-FW median rents rose by $35 a month this year.
North Texas renters shelled out $600 million more to keep a roof over their heads in 2014, according to a new report from Zillow.com
Dallas-Fort Worth residents paid an estimated $10 billion in rents this year, the online marketing firm estimates. That’s 6.2 percent more than in 2013, according to Zillow’s new survey.
Nationwide, Americans in the 25 largest markets paid about 5 percent more for residential rents in 2014. The biggest increases were in the San Francisco area.
Median rents in the D-FW area were $35 a month higher this year, compared with a nationwide rise of $26.
“Over the past 14 years, rents have grown at twice the pace of income due to weak income growth, burgeoning rental demand, and insufficient growth in the supply of rental housing,” Zillow Chief Economist Stan Humphries said in the report. “This has created real opportunities for rental housing owners and investors, but has also been a bitter pill to swallow for tenants, particularly those on an entry-level salary and those would-be buyers struggling to save for a down payment on a home of their own.
“Next year, we expect rents to rise even faster than home values, meaning that another increase in total rent paid similar to that seen this year isn’t out of the question. In fact, it’s probable.”