Paying $1100 rent for 1 bedroom apartment in Farmers Branch (Dallas, Irving: apartment complex, renters)

[TurtleCreek80]

Originally Posted by NeedHomeInDallas

Fully agree with you.. Its getting ridiculous, these landlords are fleecing renters. I am unable to find a home in a good school district within my budget of $375k.. I went to explore Viridian but people on the forum suggested to stay away from it as it built on old landfill.. So very confused what to do.

Most landlords are not fleecing renters. Their costs to own have skyrocketed too. Housing values in DFW have gone up 30-50% in the last 7-8ish years. Therefore most landlords' property tax bills are steadily going up 5-10% per year - or more in some areas. Rental property doesn't carry homestead benefits which means that if your rental property value goes up 15% in one year, the tax bill goes up 15% vs homestead property which is capped at 10%.

Bottom line - most of the rent increases are tied to property tax increases. Landlords aren't running non-profit businesses so tenants pay.

[NeedHomeInDallas]

Originally Posted by Treasurevalley92

I'm renting a home in Nichols Park in Irving for about $1400 for a 3 bedroom.

I recently saw a remodeled 2500 sf home listed for under 275K down the street.

I know Irving schools aren't supposed to be super great, but I've really enjoyed living here and should I stay in the Metroplex long enough to buy I would consider buying in this area.

Is the home you are renting energy efficient ? How much electricity bill are you paying every month ?

[WorldKlas]

https://www.realtor.com/realestatean...-62007#photo30

New houses in South Euless in your budget; this one was built in 2015.

[WorldKlas]

https://www.realtor.com/realestatean...9_M72885-28156

This is not very old and is in the best area I could ever imagine getting a newish house in your budget. Bear Creek is a fab place for raising kids and in Grapevine Colleyville ISD

[RoamingTX]

Originally Posted by TeamLynn

Welcome to the RentRace and making the landlord rich.... this is pretty typical now for DFW area. There are cheaper places, but they will be older and not as shiny.
You can perhaps buy a house if you think you will be here a while, but also it will be older probably and not as shiny as your nice new apartment.

Coming from someone alleging to know the real estate market, this is rich.

I’ve been renewing all my rentals flat for about 6-9 months as the cost to acquire new tenants does not justify any increase.

But you’re just trolling for buyers anyway...

[NeedHomeInDallas]

Originally Posted by WorldKlas

https://www.realtor.com/realestatean...9_M72885-28156

This is not very old and is in the best area I could ever imagine getting a newish house in your budget. Bear Creek is a fab place for raising kids and in Grapevine Colleyville ISD

Thank you so much for your suggestions.

[UnfairPark]

Originally Posted by TurtleCreek80

Most landlords are not fleecing renters. Their costs to own have skyrocketed too. Housing values in DFW have gone up 30-50% in the last 7-8ish years. Therefore most landlords' property tax bills are steadily going up 5-10% per year - or more in some areas. Rental property doesn't carry homestead benefits which means that if your rental property value goes up 15% in one year, the tax bill goes up 15% vs homestead property which is capped at 10%.

Bottom line - most of the rent increases are tied to property tax increases. Landlords aren't running non-profit businesses so tenants pay.

Exactly. I don’t know about apartment buildings but landlords with residential properties aren’t fleecing anyone.

[WorldKlas]

I’m a small, private landlord. Over the past 5 years I have still continued with my practice of increasing rents for renewing tenants only 2-5% but my actual expenses have shot up over 15%. My taxes, insurance and also maintenance and repair costs have blown up. I still work hard to only do modest rent increases for existing tenants who desire renewal, but now I’m not saddened at all when they depart beause I then bring my rental amounts up closer to market for new tenants.

My tenants only leave when they buy a house, change jobs or have a family change (divorce, new baby, etc.) so I actually have low turnover and make much less money on my properties than I did in prior years.

[Taynxtlvl]

Rents are getting concerning in most of the area. the crazy part is that it matters not whether one is uptown/downtown (Which very urban areas typically have high rents because one is close to the action of the city, and that would make sense) However, the rents are nearly the same across the board even in suburban areas like allen, las colinas, plano, richardson. The only saving grace would be to get an older apartment.

Sadly most of the new construction (I work in engineering so I know) is not super well built. it only appears to be.Aand almost everything *new* is 4 or 5 stories, with interior parking decks, concrete floors and the appearance of "luxury" but they will not age well. but because there isn't a whole lot of variation 1100 buck is considered the starting price for a one bedroom place. it's a mess. Regular new apartments are hard to come by these days.

[san11]

1100 is cheap rent for that area. If i were you, i would not move.( considering your job is in Irving).
Other comparable option is Amli which is even more expensive.

This rent increase became problem is recent time because now most of the apartment complex are owned by Chains ( Amli, Lincoln , Cortland etc to name a few)
The problem with rent increase is due to yieldstar type renting software, which are used by most of the apartment complex now ( Lincoln waters edge don't use that).
To give you example, My current apartment complex charge me about 1630 $ per month for 1050 sq feet.
The same plan for last year got sold from 1430 - 1750$. So there is huge variation in rent. They want me to pay 1750 to renew.
Earlier it use to be manager set the rate and those rates don;t fluctuate much as above. Now the Yield star type application set the rates based on overall availability in that regions and so many other factors. So same plan get sold for variable amount.