50 Furnished Apartments for rent in Richardson, TX
October 2019 Richardson Rent Report
Welcome to the October 2019 Richardson Rent Report. Richardson rents increased over the past month. In this report, we'll evaluate trends in the Richardson rental market, including comparisons to cities throughout the metro, state, and nation.
October 2019 Richardson Rent Report
Welcome to the October 2019 Richardson Rent Report. Richardson rents increased over the past month. In this report, we'll evaluate trends in the Richardson rental market, including comparisons to cities throughout the metro, state, and nation.
Richardson rents increased significantly over the past month
Richardson rents have increased 0.5% over the past month, and have increased moderately by 2.5% in comparison to the same time last year. Currently, median rents in Richardson stand at $1,087 for a one-bedroom apartment and $1,351 for a two-bedroom. This is the ninth straight month that the city has seen rent increases after a decline in December of last year. Richardson's year-over-year rent growth leads the state average of 1.5%, as well as the national average of 1.4%.
Rents rising across the Dallas Metro
Throughout the past year, rent increases have been occurring not just in the city of Richardson, but across the entire metro. Of the largest 10 cities that we have data for in the Dallas metro, all of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.
- McKinney has seen the fastest rent growth in the metro, with a year-over-year increase of 2.6%. The median two-bedroom there costs $1,429, while one-bedrooms go for $1,150.
- Dallas proper has the least expensive rents in the Dallas metro, with a two-bedroom median of $1,130; rents fell 0.3% over the past month but rose 1.8% over the past year.
- Plano has the most expensive rents of the largest cities in the Dallas metro, with a two-bedroom median of $1,465; rents increased 2.3% over the past year but remained flat month-over-month.
Richardson rents more affordable than many large cities nationwide
As rents have increased moderately in Richardson, a few large cities nationwide have also seen rents grow modestly. Richardson is still more affordable than most large cities across the country.
- Rents increased slightly in other cities across the state, with Texas as a whole logging rent growth of 1.5% over the past year. For example, rents have grown by 3.1% in Austin, 2.1% in San Antonio, and 0.4% in Houston.
- Richardson's median two-bedroom rent of $1,351 is above the national average of $1,189. Nationwide, rents have grown by 1.4% over the past year compared to the 2.5% increase in Richardson.
- While Richardson's rents rose moderately over the past year, many cities nationwide also saw increases, including Phoenix (+3.8%), Nashville (+2.7%), and New York (+1.5%).
- Renters will find more reasonable prices in Richardson than most large cities. For example, San Francisco has a median 2BR rent of $3,131, which is more than twice the price in Richardson.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.