Wondering how your Dallas, TX apartment community can distinguish itself? We’ve analyzed renter search criteria and demographics to reveal local market trends to help you stay ahead of the competition.
"Big Things Happen Here" in Dallas, as the city's tourism bureau likes to say. It's no surprise then that Dallas is the fourth most populous metropolitan area in the U.S. with over 1.3 million residents including about 58% of renters who occupy all housing units. According to VisitDallas.org, the "Big D" is also the birthplace and headquarters of the first convenience store, the 7-eleven, home to five professional sports teams, 21 Fortune 500 companies and where the frozen margarita machine was invented.
While our Dallas City Guide looks at the area perks that residents enjoy, we go beyond local dining, beautiful parks, shopping, and rich history and present the renter trends that influence the market and impact your marketing strategy.
We analyzed Apartments.com's proprietary data and created a Local Market Renter Insights Report for Dallas, TX to illustrate who they are and how they’re searching for Dallas apartments. Download this printable and share it with your leasing staff, and take note of these trends to ensure you’re positioning your property to meet their demands.
Characteristics of Dallas Renters
It’s critical to know who you’re marketing your property to so that you can effectively allocate your advertising dollars and target them on the appropriate channels with the most relevant messaging. These renter insights reveal characteristics of the typical renter looking for apartments in Dallas on Apartments.com:
57% are female
35% are between 25 and 34 years old
Nearly half are married
Over one-third have children
58% have some college or higher
60% have an average household income under $75,000
The Basics: Price and Size
First things first, apartment seekers narrow their search by price and size. In Dallas, 22% of renters are looking at units within the $600-799 range while another 25% can afford units priced between $1,000-1,299.
In terms of size and type, 70% of renters on Apartments.com are hoping to find a one or two-bedroom unit and 53% need at least one bath while 46% require two or three bathrooms. When it comes to style, 61% desire an apartment over the 40% who prefer condos, homes, or townhomes.
Top 5 Searched Apartment Amenities
An apartment is more than four walls and the basics; the amenities can often entice a renter. Just as a car dealer knows that the stereo is more likely to influence a buyer than the type of transmission, apartment communities across the nation are offering high-end amenities like granite countertops and oversized bathtubs to create more attractive living opportunities.
But our analysis of the entire Dallas market portrays a more realistic snapshot.
The top five most sought-after apartment amenities in the Dallas metro region are:
Dallas Pet Owners
Dallas apartment communities are aware of how important pets are, as 96% of those listed on Apartments.com are pet-friendly. Differentiate your community with creative ways to embrace pet ownership and provide additional pet-related amenities like dog parks, pet daycare, dog walking services or just having treats in the lobby.
Keep in mind that dogs are the more popular pet with 79% searching for dog-friendly apartments and 21% for cat-friendly units on Apartments.com.
Top 5 Most Searched Neighborhoods in Dallas
Hot neighborhoods for residential real estate sales and rentals are not always in sync. Whereas home purchasers may be looking at neighborhood factors such as local schools, apartment renters may be looking for different factors such as proximity to entertainment and activities.
The most sought-after Dallas neighborhoods for apartment rentals are:
Beyond Checkboxes: Top 5 Renter Keyword Searches
Individual apartment characteristics go beyond the available search filters. Whether an apartment is described as a chic high-rise, a modern loft, or a condo with a patio, renters can determine if this rental matches their needs.
The top renter keyword searches for apartments in the Dallas area are as follows:
Real estate is inherently local. A city’s unique character, economy, and climate are some of the factors that contribute to how the apartment rental market changes. Apartments.com can keep you in the loop about the driving rental trends in your metro area. For an in-depth, real-time local market analysis, take a look at our Market Analytics services.
Source: Google Analytics, Q2 2018