Apartments under 1,000 in Dallas-Fort Worth becoming scarce

America's affordable apartments are disappearing as luxury rentals multiply, according to Harvard researchers.

Why it matters: Renters already burdened by high costs have fewer low-priced options to choose from.

By the numbers: Over the past decade, units renting for under $1,000 a month (adjusted for inflation) fell by around 30%, per a report by Harvard's Joint Center for Housing Studies.

• Meanwhile, a building boom focused on upscale apartments helped nearly triple the number of units costing at least $2,000 a month.

Zoom in: In Texas, rental units priced over $2,000 increased more than fourfold from 2013 to 2023, while units priced between $600 and $999 fell by about 35%.

Case in point: Despite declining Austin rents since pandemic-era highs, fewer than 380 apartments are listed under $1,000 on apartments.com, while about 700 units are priced between $1,400-$1,999.

The big picture: A record 22.6 million renter households (50%) are cost-burdened, meaning they spend more than the recommended 30% of their income on housing and utilities.

• That's an increase of 2.2 million households since 2019.

Reality check: The surge in high-end apartments can still benefit lower-income renters, the Harvard researchers noted.

• For example, areas with lots of new construction over the past few years, particularly in the South and West, saw rent increases slow or outright decline.
• And when higher earners move up, older, cheaper units may become available.