According to a recent survey by RentCafe, the Dallas rental market in 2024 has been highly competitive. In peak rental season, which occurred this summer, apartments were only on the market for an average of 39 days before being rented out. This resulted in a challenging environment for renters looking to secure an apartment.
In fact, there were eight renters competing for each available unit in Dallas during this busy season. While Miami had even more intense competition with 18 renters vying for each apartment.
New construction also played a role in the housing inventory of Dallas, contributing approximately 0.72%. However, due to high demand from potential tenants and current residents renewing their leases (59% renewed), these units were quickly snatched up as soon as they became available.
Overall occupancy rates remained strong at 92.4%, further adding to the competitiveness of the market.
