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Rent Report
Richardson

September 2017 Richardson Rent Report

Welcome to the September 2017 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 slightly over the past month

Richardson rents have increased 0.3% over the past month, and are up slightly by 1.7% in comparison to the same time last year. Currently, median rents in Richardson stand at $1,090 for a one-bedroom apartment and $1,350 for a two-bedroom. This is the seventh straight month that the city has seen rent increases after a decline in January. Richardson's year-over-year rent growth leads the state average of 1.5%, but trails the national average of 3.0%.

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.

  • Arlington has seen the fastest rent growth in the metro, with a year-over-year increase of 9.0%. The median two-bedroom there costs $1,200, while one-bedrooms go for $960.
  • Over the past month, Garland has seen the biggest rent drop in the metro, with a decline of 0.6%. Median two-bedrooms there cost $1,210, while one-bedrooms go for $970.
  • Dallas proper has the least expensive rents in the Dallas metro, with a two-bedroom median of $1,110; rents were up 0.2% over the past month and 2.8% over the past year.
  • McKinney has the most expensive rents of the largest cities in the Dallas metro, with a two-bedroom median of $1,450; rents rose 4.7% over the past year but remained flat month-over-month.

Many large cities nationwide show more affordable rents compared to Richardson

Rent growth in Richardson has been relatively stable over the past year - some other large cities have seen more substantial increases; in contrast, rents in a few cities have actually declined. Compared to most large cities across the country, Richardson is less affordable for renters.

  • Other cities across the state have seen rents increase, with Texas as a whole logging rent growth of 1.5% over the past year. For example, rents have grown by 2.8% in San Antonio and 2.0% in Austin.
  • Richardson's median two-bedroom rent of $1,350 is above the national average of $1,160. Nationwide, rents have grown by 3.0% over the past year compared to the 1.7% increase in Richardson.
  • While rents in Richardson remained moderately stable this year, similar cities saw increases, including Seattle (+5.4%), Los Angeles (+5.0%), and Phoenix (+4.9%); note that median 2BR rents in these cities go for $1,710, $1,740, and $1,020 respectively.
  • Renters will generally find more expensive prices in Richardson than most large cities. For example, Houston has a median 2BR rent of $990.

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.
City Median 1BR price Median 2BR price M/M price change Y/Y price change
Dallas $890 $1,110 0.2% 2.8%
Fort Worth $910 $1,140 0.5% 5.6%
Arlington $960 $1,200 0.3% 9.0%
Plano $1,150 $1,420 0.3% 1.9%
Garland $970 $1,210 -0.6% 3.5%
Irving $960 $1,190 0.1% 5.2%
Grand Prairie $1,000 $1,240 0.1% 8.2%
Mesquite $1,030 $1,280 -0.4% 5.7%
McKinney $1,160 $1,450 -0.1% 4.7%
Carrollton $1,070 $1,330 0.3% 5.2%
See more

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.