Rents are on the rise in Dallas. According to The Dallas Morning News, effective rents in the Dallas-Fort Worth area have experienced a 5 percent increase year-over-year. In Fort Worth, the rent increases have proven to be even sharper, showing a 6.4 percent annual increase. Such rent increases have continued despite the fact that the DFW rental market is experiencing a continued increase in new supply. Last year, the DFW market saw the addition of nearly 13,000 new apartment units. This year, almost 16,000 new rental units are scheduled for completion.
Much of the strong demand for rental properties in Dallas can be attributed to continued job growth throughout the Dallas-Fort Worth metro area. Last year, the DFW area led not only the state but also the nation with an addition of nearly 140,000 new jobs. As the population in the area continues to grow, it is fueling strong demand for rental properties.
Record Rents in Dallas
Currently, average rents in Dallas are slightly under $1,000 per month, a record high for the Dallas rental market. Still, the rent increases in Dallas are actually lower than many other major metro markets in the United States, including San Francisco, which experienced a 12.5 percent rent increase. Dallas renters appear to be all too willing to pay the record rent prices, as the vacancy rate in North Texas is only about 5 percent.
Based on the new data, it is clearly a good time to be in the property rental business. If you are a current landlord or you are considering investing in rental property in Dallas, it has never been a better time to be in the business. Even so, while the rental business is booming, landlords must take precautions to protect their investments. Regardless of whether you have applicants lining up to rent your properties, it is still a good idea to conduct due diligence and that means running a tenant background check.
Tenant Screening Services Can Provide Numerous Benefits to Dallas Landlords
Tenant screening services can provide Dallas landlords with tremendous insight into the background of applicants and ultimately help property owners to make a more informed decision when accepting or rejecting applicants. A comprehensive background check can also help landlords to avoid possible discrimination liability. When a landlord rejects a tenant's application, he or she must make sure that they do so while remaining in legal compliance. A background and renter credit check can provide landlords with the documentation required if any questions are raised regarding the rejection of an application. For instance, information revealed by a background and credit check can include whether the applicant has ever been arrested, evicted, and information regarding their credit history.
The property rental business is certainly booming in Dallas as well as the greater Dallas-Fort Worth metro area. By taking advantage of a comprehensive tenant screening service, such as those offered by VerticalRent, landlords in Dallas can ensure their investments are protected.