First, they’re the biggest. Now, they’re the best.
Of the 100 largest cities in the U.S., Plano is the best for renters, according to a recent analysis by Forbes Advisor. In November, an ApartmentGuide.com analysis determined that Plano has the largest one- and two-bedroom apartments and the third-largest studios.
For the best overall designation, Forbes analyzed apartment data from Apartments.com, weather and disaster risk data, park information from The Trust for Public Land, and other assorted data to come up with its top 100 cities for renters in 2021.
“Plano doesn’t have the cheapest rent — in fact it ranks down at No. 73 out of 100 for low rent,” the report says. “But the city’s high median household income of over $95,000 means that Plano has a low ratio of rent-to-income (20 percent of median income would be spent on the average two-bedroom apartment).”
The data also determined that one-third of Plano’s rentals have stainless steel appliances and 90 percent have gyms. Rates for violent crimes and burglaries are low. Also, almost all rental units in Plano allow pets and 75 percent of the population is within a 10-minute walk to a park.
Out of 1,000 data points, Plano amassed 884, barely ranking ahead of Omaha, Neb., which had 842. The Dallas-Fort Worth area was well-represented in the rankings: Dallas ranked 18th, Fort Worth 20th, Irving 22nd, Garland 24th, and Arlington 41st.
“There are certainly many more apartment deals to be found than there has been in a long time, says David Pierce, senior business analyst at Apartments.com. “I would absolutely call it a renters’ market.”
Other Notable Reports
- Realtor.com: The Dallas-Fort Worth-Arlington metro market experienced one of the largest declines in the nation listed for sale with real estate agents, according to a Realtor.com study. However, homes are selling twice as fast in D-FW (37 days on the market compared to 70 nationwide). The D-FW area’s active property listing was down 64 percent from February 2020. Nationwide, 50 percent fewer houses were on the market at the start of this month. In D-FW, median listing prices were up about 10 percent year-over-year to $373,267. Realtor.com’s nationwide median listing price is $353,000 median. Learn more here.
- Texas Housing Market Update: In a video series, Dr. Luis Torres, Texas Real Estate Research Center economist, examines trends such as sales, prices, mortgage rates, and inventories that are expected to impact the Texas single-family housing market in the first quarter of 2021. Learn more here.
- Bankrate.com Housing Heat Index: Texas tied with Alaska for the 11th-weakest housing market in the fourth quarter of 2020, according to Bankrate.com’s Housing Heat Index for the 12-month period since December 2019. In the fourth quarter of 2020, Texas ranked 46th in past-due mortgage payments (8.71 percent), 39th in home price appreciation (8.85 percent), and tied with Louisiana for 36th in unemployment (7.2 percent). Learn more here.
