Dallas Among Best Markets for Renting to Millennials
DALLAS– Specialized Dallas announced today that a recent analysis of the first quarter of 2015 rental markets performed by RealtyTrac places select Texas markets among those experiencing the largest jumps for rent increases. The Dallas market is also among the top 50 best markets for renting to millennials.
To make the list of top 50 markets for millennials, counties had an above national average of millennial renters (22%), a millennial population growth of at least 5% during 2007-2013, and potential for annual rental returns at 9% or higher.
The report shows the Dallas rental market experienced a 14% increase of millennial renters between 2007-2013, with the 2013 percentage of millennial renters being 24.72. Factors that may affect the change are the low unemployment rates that Texas offers (4.9%), and the mere 1% increase in rent increases from 2014.
“Not only do many of these millennials have stable employment, but strong job prospects going forward, and a rosy forecast for future salary growth,” said OB Jacobi, President of Windermere Real Estate.
The rental analysis also showed Midland County, Texas as one of the highest rent increases from 2014-2015 with a 24% increase of fair market rent.
We view these trends as a positive indicator for real estate investors in the area. Since the Millennial generation is the largest sector of renters currently, being among their preferred markets for rentals can only indicate positive growth for the future.
Specialized is the leading property management company in the Dallas-Forth Worth metroplex and handles all aspects of property management. As an experienced team of property managers, they strive to keep investors up-to-date with markets trends and key analytics that affect the industry.