We’ve addressed the Zumper Dallas Metro Report here before. It’s a data-driven indicator of how much it costs to rent an apartment in Dallas-Fort Worth.
Zumper is a San Francisco-based real estate service that helps its millions of users find, list, and rent properties in North America. In its monthly metro reports, Zumper analyzes active listings to come up with the most- and least-expensive cities and cities with the fastest-growing rents.
In the Dallas area, it highlights the most- and least-expensive 16 cities and cities with the fastest-growing rents. The list is usually the same suspects with suburbs Grapevine, Frisco, and Richardson emerging in the top three.
But Zumper’s list is raw data, of course. It doesn’t drill down as to why these cities merit these rankings. So, without trying to sound too chamber-of-commerce-y, let’s take a look at why these suburbs had such high marks in August. Spoiler alert: Like anything else in real estate, it’s about location, location, location.
1. Grapevine ($1,460 average rent)
The rent in this city makes sense because Grapevine is unquestionably convenient, maybe the best location in the metro area. It’s near Dallas/Fort Worth International Airport and centrally located between Dallas and Fort Worth, near employment hubs in Las Colinas or southern Denton County.
Several freeways roll through it, but the city doesn’t have a strong urban feel. It has small-town amenities. The historic downtown has quaint shops and local restaurants. It’s always lit up and an amazing stop starting at dusk during Christmas. The downtown is also a cultural hotbed with something always going on for people of all ages.
The city is also near prime upscale shopping in Southlake and southern Denton County and its own Grapevine Mills mall. Do you need a car? It has a dealership row that few cities can rival. The city is minutes from Lake Grapevine, where recreation abounds.
2. Frisco ($1,380)
This is hardly a surprise because Frisco dominates every best-living list around. It’s also near quality shopping and dining, including Stonebriar Centre and The Star. Other upscale shopping and dining options are available in north Plano and The Colony.
Frisco Square is a major mixed-use development with apartments, entertainment, a city hall, and a library within walking distance. It also has plenty of sports entertainment with a minor-league baseball team (Rough Riders), professional soccer (FC Dallas), and The Star — the Dallas Cowboys training facility and headquarters.
The city is also near major freeways with the Dallas North Tollway cutting right through it. Frisco also has the charm of an old town. Frisco has the most expensive rent for two bedrooms ($1,950).
3. Richardson ($1,370)
Richardson is called The Telecom Corridor for a reason. The apartment situation is perfect for renters who want to be close to the city’s high concentration of telecommunication companies. It has regional and national employment hubs on either side of U.S. 75.
Richardson can also be regarded as an education hub with the University of Texas at Dallas and Dallas College Richland campus within or near its borders. For shopping and entertainment, renters also can get to other parts of the Dallas area at the city’s four Dallas Area Rapid Transit (DART) stations. Maybe all this convenience is why Richardson saw its rent spike 15.1 percent higher in August, second only to Lewisville (19 percent).
The three cities’ rents still were significantly higher than the Texas median rent of $1,032 in August. They also were higher than Houston-area and Austin-area cities. In the Dallas-Fort Worth apartment market, at least, it’s a no-brainer. Renters do pay for convenience.
Click here to see the Dallas Rent Report. Read how the Dallas market compares with Zumper’s national numbers here.
