Is $1,500 Enough for an Apartment in DFW?

Apartment hunters in Dallas-Fort Worth are all looking for the same things: affordable prices and ample space. But how far can a monthly rental budget of $1,500 really take you in the metroplex?

Unfortunately, with inflation bumping up the cost of living in DFW to the point that residents recently reported needing $11,000 more to live comfortably compared to last year, finding your dream apartment isn’t easy.

Moreover, local rents are up 21% from the start of the pandemic. This increase has outpaced the national average, where year-over-year rent growth decelerated to 2.6%.

RentCafe published a study on May 2 investigating what renters with a budget of $1,500 a month can expect to find in terms of apartment size in 200 cities across the nation.

Here’s how DFW fared.

Dallas vs. Fort Worth

The competition between Dallas and Fort Worth has a very clear winner.

RentCafe found that the average apartment size a renter with $1,500 could afford is approximately 805 square feet in Dallas.

In comparison, Fort Worth offers renters nearly 100 feet more for the same budget, with an average apartment size of 909 square feet.

The Dallas rental market became more competitive this past year. Figures from RentCafe showed a 26% year-over-year increase in the city’s competitiveness score, despite it falling a tick below the national average.

Several apartment communities are in the works, which might put more rental units on the market and help keep prices down.

As The Dallas Express reported, Texas developer OHT Partners is planning a $113 million luxury apartment complex where the historic Ambassador Hotel used to stand in the Cedars neighborhood of Dallas.

There are also a few initiatives to convert office towers — the occupation rates of which have dwindled since the pandemic struck — into apartment buildings, such as Wolfe Investments’ plan to redevelop the landmark office tower at 211 N. Ervay into 238 multifamily units.

It is also worth mentioning that downtown Dallas suffers from a much higher crime rate than downtown Fort Worth. For instance, a recent study by the Metroplex Civic and Business Association found that car thefts occurred approximately 46 times more often in downtown Dallas than in downtown Fort Worth during the month of April.

The Suburban Advantage

The suburbs of DFW are known for having lower crime rates. But do they offer a bigger bang for your buck when it comes to apartment space?

For the most part, yes.

Suburbs such as Mesquite, Garland, or Arlington offer residents ample square footage for their rental budget, with average apartment sizes ranging well into the 900-square-foot range, according to RentCafe. 

Mesquite stands out as the frontrunner, providing renters with an average apartment size of 999 square feet.

Commuters might be further enticed by the news that the Texas Department of Transportation plans to widen a 12-mile section of I-30 from Bass Pro Drive in Garland to Ferguson Road in East Dallas. This is expected to alleviate congestion and enhance mobility options for bicycles and pedestrians.

Garland and Arlington also offer respectable options for a rental budget of $1,500, with average apartment sizes of 937 and 928 square feet, respectively.

Other noteworthy suburban options according to RentCafe include:

• Grand Prairie, where renters can get an average apartment size of 873 square feet for $1,500.
• Denton, which offers an average apartment size of 868 square feet.
• Irving, where apartments within this budget span an average of 848 square feet.
• McKinney, which offers a not-too-shabby average apartment size of 809 square feet.

Space Constraints in Plano and Frisco

Unfortunately, not all suburban cities in DFW offer the same accommodations within the $1,500 monthly budget.

Plano and Frisco, in particular, fall short in terms of square footage, leaving renters with more cramped living areas.

Plano renters must contend with an average apartment size of 766 square feet, significantly smaller than the regional average.

Meanwhile, Frisco offers even less space, with an average apartment size of 740 square feet. This reflects a difference of over 200 square feet compared to apartments for the same price in Mesquite.

Interestingly, these two cities have witnessed explosive growth in office spaces.

In Plano alone, 909,127 square feet of new office space was developed in 2021, according to a report by CommercialCafe.

The good news is that there are several multifamily residential projects underway in both Plano and Frisco.

For instance, a mixed-use project called The Link, located near Frisco’s new PGA headquarters and resort just south of U.S. Highway 380, will add 352 new apartments by 2025, as reported by The Dallas Express.

Other Cities in Texas

If you’re willing to move outside of DFW, here are some other cities offering some competitive rates for apartments fitting within a budget of $1,500, according to RentCafe.

 

• Houston — an average apartment size of 997 square feet.
• San Antonio — an average apartment size of 1,010 square feet.
• Corpus Christi — an average apartment size of 1,129 square feet.
• Lubbock — an average apartment size of 1,218 square feet.
• El Paso — an average apartment size of 1,222 square feet.
• Brownsville — an average apartment size of 1,307 square feet.
• McAllen — an average apartment size of 1,471 square feet.