Dallas, however, is once again taking things completely next level, as the five neighborhoods with the most significant changes are well into the double digits in rent percent increase within the last year.
So what’s driving this surge? Dallas has been trending upward for the past couple of decades in terms of opportunity and growth potential and shows no signs of slowing down anytime soon.
Plus, you can’t argue with those mild winters, which is why people looking to get away from harsh weather and into affordable housing are headed to the Big D in droves. Some neighborhoods are really feeling the prosperity boom, however, and as a result, their rent prices are skewing higher than ever.
If Dallas is where you long to rent, and you don’t mind paying a few extra bucks for amenities galore, check out these ultra-desirable neighborhoods.
5. Forest Hills
- Price increase over the past year: 12.36 percent
- Average rent for one-bedroom in Forest Hills: $629.23
Forest Hills is a little bit country, a little bit rock ‘n roll. That’s because it’s located only six miles northeast from everything boisterous downtown Dallas has to offer but is known for lush green lawns sprinkled with mature elm, pecan and oak trees. It’s one of Dallas’s oldest suburban neighborhoods, but the homes and lots have been meticulously maintained to keep them current while preserving the area’s original charm.
Although it’s a quick jaunt into Dallas for work or play, there’s plenty to do in the neighborhood’s immediate vicinity, thanks to the nearby White Rock Lake and the world-renowned Dallas Arboretum. The community also puts on its own entertainment, like the annual holiday tree lighting and Fourth of July parade.
Fun Fact: Forest Hills residents are fortunate to enjoy close proximity to the Dallas Arboretum, as people literally come from far and wide just to visit the sprawling 66-acre campus. The local gem isn’t just about looking at pretty flowers, though. Horticultural education and research are major focuses for the institution.
4. Oak Lawn
- Price increase over the past year: 15.09 percent
- Average rent for one-bedroom in Oak Lawn: $1,455.37
Although welcoming to everyone, Oak Lawn has earned a reputation as one of the country’s most LGBTQ-friendly neighborhoods, thanks to its diversity-infused events, bars, restaurants and general culture. In fact, the neighborhood is home to the country’s sixth-largest LGBTQ population and doubles as a popular vacation spot.
Only two miles northwest of downtown, Oak Lawn is known for its excellent walkability both around town and through its multiple parks and trails. It also boasts some of the best shopping and dining options around and is known as a hub of consistently bumping nightlife.
Fun Fact: Oak Lawn locals know how to party. Stop by the Oak Lawn Annual Halloween Block Party for a take-no-prisoners costume shindig, or hit the Round-Up Saloon to see if your two-step’s still got it. Sue Ellen’s is a must-experience club for lesbians, as it’s one of the only establishments of its kind in the country!
3. City Center District
- Price increase over the past year: 15.99 percent
- Average rent for one-bedroom in City Center District: $1,595.50
Smack in the north-central portion of downtown Dallas lies the City Center District, which is the ideal place for renters looking for an urban home. The area is chiefly known for its historical significance, but it’s also home to both the arts and financial districts. The neighborhood’s most notable arts fixtures include the Dallas Museum of Art and the Morton H. Meyerson Symphony Center.
City Center District’s rent uptick is likely because it’s so easy to access and enjoy. The neighborhood is very walkable, but access to DART (rapid transit) makes travel around town easy enough (anytime a person can avoid Dallas traffic it’s a good thing). Much like the rest of Dallas, this neighborhood has a celebrated shopping and dining scene, not to mention the Back Door Comedy Club, if a few laughs are what you’re after.
Fun Fact: Built in 1921, the Majestic Theatre was originally a vaudeville spot that eventually turned into a movie joint. Today, the 1,600-seat theater, situated squarely in the City Center District, books an impressive lineup of musicians, comedians and other performing arts acts.
- Price increase over the past year: 17.24 percent
- Average rent for one-bedroom in Red Bird: $872.13
Rent prices in Redbird have experienced an increase of more than 17 percent in the last year, a trend that’s likely to continue as the City of Dallas is putting major dollars behind revitalizing the area. Located in southwest Dallas, Redbird is a diverse, working-to-upper class area that has fallen somewhat into disrepair in the last couple of decades, but the residents and local officials have plans to change all that.
Known as the “Rebirth of Redbird,” the initiative is funneling support and funds into bringing schools up to date, attracting retailers and luring residents to the area. A couple of the most notable changes include the total overhaul of the Redbird Mall, as well as a brand-new, 20,000-square-foot senior center.
Fun Fact: Redbird Mall won’t just be for shopping anymore. It’ll also feature a full second floor of office space, just atop a shopping and dining area to rival anywhere in Dallas.
1. Main Street District
- Price increase over the past year: 39.55 percent
- Average rent for one-bedroom in Main Street District: $2,036.00
The Main Street District neighborhood of Dallas is one of the city’s 15 distinct districts. It’s widely and understandably called “The Heart of Dallas,” thanks to the fact that it’s situated right in the city center, making it ideal for people who want to be able to access each and every part of the city with ease.
The Main Street District neighborhood is made up of key landmarks, like Bank of America Plaza, Magnolia Hotel and almost too many restaurants and other hotspots to count. Historic properties-turned-residences help the neighborhood keep ties with its past, and a number of area gardens (Stone Street Gardens, Belo Garden and Main Street Garden) help to lend a bit of nature in an otherwise urban-dominated area.
Fun Fact: Take a stroll through downtown Dallas and you might stumble upon a 30-foot eyeball. Fortunately, it’s not a literal eyeball, but a giant sculpture of one, located in the gardens of the renowned Joule Hotel, which boasts an incredible art collection both inside the structure and on its grounds.
We looked at all neighborhoods in Dallas with sufficient available inventory on Apartment Guide and Rent.com and compared the average price from October 2018 to October 2019 to find the neighborhoods with the highest percentage increase in one-bedroom apartment prices.
The current rent information included in this article is based on October 2019 multifamily rental property inventory on Apartment Guide and Rent.com and is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.