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At the end of 2010, the Dallas housing market plunged 3.1 percent. That’s triple the national average decrease in home prices, and it essentially wiped out the modest traction that had been gained over the previous six months. Foreclosures ravaged homeowners, spilling them out into the rental market. In some cities, this came with devastating effects. In Dallas, those unfortunate people found a healthy and affordable apartment rental market to break their fall. For many, losing their house didn’t mean losing their home.

RETRAINING THEIR SIGHTS

The downturn also caused a good number of condominium projects to recalibrate their expectations. Rather than putting the units up for sale, which would have made perfectly good sense a few years ago, builders are leaning towards leasing them out. With so much competition keeping a lid on rental rates, high-end Dallas apartments are being filled in rapidly. Hence, a vacuum of “Class B” apartments has opened up in the wake of the North Dallas rental boom, giving more people an opportunity to improve their living conditions without further straining their budgets.

CLEAR ADVANTAGES

The advantages to renting are obvious. One can avoid HOA fees, mortgage interest, homeowners’ insurance, property taxes, title fees, closing costs, landscaping costs, utilities and a slew of other financial anchors associated with owning a home – a situation that is hardly unique to Dallas. What is unique is the spectrum of Dallas apartments, from bungalows to highrises, at rate that allow one to raise a family, further a career, or just enjoy life as it happens.
The only thing that can slow down the prospective tenant is the time it will take to sift through the tremendous number of apartments that are available on the market today.