Among Dallas/Fort Worth’s Largest Cities, Plano Has the Most Expensive Average Rental Costs

It’s no revelation that rental costs are up across Dallas/Fort Worth. Rent has swelled over the last year – and it has continued to do so even as real estate prices have seen a gradual decrease.

According to a new report by Apartment List, Plano has the most expensive average rent costs among the 10 largest cities across DFW. Although average rent in Plano has stayed largely flat over the last month, it has spiked by more than 10% throughout the last year. The average cost of a two-bedroom apartment is $2,010.

For comparison, a two-bedroom in Dallas costs $1,490 on average, while a similar apartment goes for $1,350 on average in Fort Worth.

In addition to Plano, Dallas and Fort Worth, Apartment List looked at Arlington, Garland, Irving, Grand Prairie, Mesquite, McKinney and Carrollton.

Home to some 288,000 people, Plano also topped the list for one-bedroom apartments, which average $1,540. McKinney was close behind, with a one-bedroom clocking in at $1,510.

Arlington earned the spot as the city with the cheapest average rental costs in D/FW, according to Apartment List’s data. Although rent has grown by 11.5% in Arlington, a one-bedroom still costs $1,110, and a two-bedroom averages $1,340.

With an early surge in real estate prices throughout the pandemic, rising rents have left many struggling to make ends meet across D/FW. As of July, one study found, rent prices had grown by some 22% since the pandemic first hit in early 2020.

In July, a study published by the D.C.-based nonprofit research group Up for Growth found that D/FW wasn’t building enough homes to keep up with population growth even before the pandemic hit.

In 2019, that study explained, D/FW built too few homes to the tune of 85,226 residential units, earning the region the No. 1 slot for underproduction among metropolitan areas across Texas.

“Texas pitches itself as the place to live and do business for people wanting to leave California, but despite its impressive economic growth, it has failed to build over 320,000 units of housing,” the report’s authors wrote.

Meanwhile, advocacy groups in Dallas say high rental costs are fueling homelessness in the city and beyond.