With so many homeowners displaced by the EF-3 North Dallas tornado, rentals in the Preston Hollow area are leasing up. The tornadoes that devastated the northern stretch of our city Sunday night — the National Weather Service has confirmed a total of 11 in North Texas — will set a new record as the costliest tornado outbreak in Texas history according to the Insurance Council of Texas. The organization has conservatively set the tab at $2 billion in losses for about 1000 homes and businesses.

At least 65,000 customers lost power and Oncor, along with out-of-town help, is still repairing the grid. According to Dallas City Councilwoman Jennifer Gates, only 900 are now without power, which is amazing considering the scope of the damage to the densely populated area the storms struck.

Mark Hanna with the Insurance Council of Texas tells me 30,000 total auto and homeowner claims have been filed for this event. The expense, too, comes with the scope of commercial claims: warehouses, shopping malls, restaurants, and an entire Home Depot. That Home Depot at Forest and US 75 alone will be several million dollars for both structure and inventory, he says.

At this point, storm victims are assessing damage, filing claims, and working to find rental homes while their own homes are repaired or demolished. All of this is going to make life very different in North Texas over the next year. 

Spike in Rental Properties

Avrea and other agents say homeowners come in and ask for a six-month lease, which the McKenzie is offering on a very limited basis, not realizing that the scope of the work restoring their home will likely take longer than what they think.

“Pending the level of damage to their property, I think a lot of people are going to end up selling their home for lot value and buying another house,” says Avrea. “There’s the initial plans, the tear-down, the winter months coming up that could significantly delay construction, we just find it often takes double the amount of time you anticipate to remodel or build.”

Over at Preston Hollow Village (Walnut Hill & Central), storm victims have already started reaching out.

“We have had 13 leases in the past 48 hours,” says Kristin Simpson. “Our average unit sizes in The Preston are 1,700 square feet, and we are a pet-friendly community. In fact, we are currently building a huge dog park for our residents!”