Apartments under 1,000 in Dallas-Fort Worth becoming scarce
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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: The Carrollton area has about 240 apartments listed under $1,000 on apartments.com, and about 3,300 units priced between $1,400-$1,999. Hundreds more luxury apartments are under construction in the city.
- The Fort Worth area has about 2,650 units under $1,000 and about 8,950 units 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.