Big D is a hotspot for investment real estate—especially now. Just ask any rental property owner.
Dallas, Texas, (Big D) is one of the most popular metropolitan areas in the U.S. and real estate investors are some the city’s most fervent, long-term fans. It’s easy to see why with the demand for rental property ever increasing.
Rental demand is expected to remain strong due to rising homeownership costs, especially with mortgage expenses nearly doubling since January 2022. This has forced many would-be homebuyers to stay in the rental market, adding to the already high demand.
Property investors can expect above-average rent price gains in 2023, from 5.8% in June 2022 to 8.4% in May 2023 according to a Federal Reserve Bank of Dallas forecast that uses data from the federal government’s consumer price index. As long as mortgage rates remain relatively high, the rental market will continue to thrive.
There are many reason why Big D is a prime location for your next rental property.
- Dallas-Fort Worth could see the biggest population surge in the country this decade, with the population projected to grow by nearly 18% by 2029.
- Median household income in Dallas is $72,882.
- Dallas is active with job opportunities, with employment growing by 7.4% compared to the national average of 4.9%.
- Target industry sectors in Dallas include building design and construction, company headquarters and operations, food manufacturing, IT services, logistics, and telecommunications.
- Over the last five years single-family home values in Dallas increased by over 73%.
- Median rent in Dallas is $2,295 per month for a 3-bedroom home.
- Rents in Dallas have increased by 4% year-over-year.
Quality of life in Dallas
The fact that Texas has no state income or inheritance tax is a popular reason why so many people and businesses move to Dallas. Other cost of living factors include:
- Cost of living in Dallas is about 50% less than urban coastal cities like San Francisco and New York.
- Forbes ranks Dallas as the 2nd best place for business and careers in the U.S.
- Dallas is among the best places to live and retire in the country, according to recent research by U.S. News & World Report.
- Dallas gets strong rankings for public schools and entertainment.
If you are a rental property owner, you’re probably aware that the property management side of the business can be a bit overwhelming. It’s certainly exciting and lucrative to own rental property, but the reality of keeping rental property rented to reliable, quality tenants, as well as all the upkeep and maintenance that goes with it is a big job.
Some of the challenges of rental property ownership can be vacancies, unanticipated repairs, troublesome tenants, and more. The good news is that you have Cousin James Management to rely on for all the heavy lifting.
Our expert, licensed real estate pros have solutions and connections to take care of all of the above. For more than 25 years, the Cousin James Management family-owned business has kept property owners happy throughout North Texas. Start the 2023 year off with the property management team who will work hard for you – Cousin James Management – Contact us soon!
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