Forbes Names Dallas the #1 Rental Market for 2017
The Forbes “Where to Invest in Housing in 2017” list is out and the Lone Star State is in! Texas is home to three of the Forbes ranked top real estate investment markets. Dallas takes the number one spot followed by Fort Worth at #9 and San Antonio at #20.
The methodology behind the list factors in five key metrics: job growth, population growth, home price appreciation, affordability and Local Market Monitor’s three-year home price forecast. We looked to our own RentRange® database to identify a few other important investment trends:
- Dallas Single-Family Residential (SFR) 3bd Home Price: $101,000 in 2016, a 31.1% increase from 2011 - the national average is $109,117
- Dallas SFR 3bd Median Rent: $1,563 in 2016, up 29.7% from 2011 - the national average is $1,341
- Dallas Unemployment: 4.1% in 2016, down 14.6% from 2011 - the national average is 5.2%
Based on RentRange data, the Dallas economy has shown major signs of growth, adding nearly 145,000 new residents and over 166,000 new jobs in 2015. And with the increase in both average home price and rental rates, investors in the Dallas metro area are seeing average gross yields of 11.1%. The Dallas metro is the 4th largest Metropolitan Statistical Area (MSA) in the U.S. with a population of over 7 million residents. The city is diverse in both demographics and economic driving industries which include retail, healthcare and food service.
For the full Forbes article, click here.