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Posted on: November 17, 2020

Mesquite only North Texas city where renting decreased, homeownership increased

Mesquite, TX – November 17, 2020 – According to an analysis by apartment search website, RENTCafé, the percentage of homeowners in Mesquite jumped by 12% over the last decade, the only increase among the Dallas Fort Worth cities. The new study found renter populations rising dramatically across North Texas, except for Mesquite.

According to RENTCafé, Frisco and Plano lead the nation in the increase in percentage of renters versus homeowners, and 12 of the 14 cities in the DFW area with more than 100,000 residents saw their share of renters increase over the last 10 years. However, homeowners recorded significant gains in just one city: Mesquite. Renters in Mesquite lost 10,000 residents, shrinking their share by 22%.

“One reason for the increasing number of renters in fast-growing places such as DFW is a shortage of affordable housing,” said David Howard, executive director of the National Rental Home Council.

 

Read the full article by the Dallas Business Journal below.

Frisco, Plano lead nation in shift from home ownership to renting Nov 12, 2020, 2:30pm CST Lincoln Knox Apartments 14 WOMACK + HAMPTON ARCHITECTS LLC In the Dallas-Fort Worth area, 12 of the 14 cities with more than 100,000 residents saw their share of renters increase in the last decade, with Frisco and Plano leading nationwide.

Frisco and Plano lead the nation in the increase in percentage of renters vs. home owners over the last decade according to a new study that found renter populations rising dramatically across North Texas.

In the Dallas-Fort Worth area, 12 of the 14 cities with more than 100,000 residents saw their share of renters increase in the last decade, with Frisco and Plano leading nationwide, according to a new analysis by apartment search website RENTCafé. 

Home owners recorded significant gains in just one city: Mesquite.

Four of the top 10 cities with the largest increases in renter share are in Texas, and three of the four are in North Texas.

Frisco is the only city in the nation that more than doubled its renter population, reaching 58,000 in 2019. The share of renters in the fast-growing city surged by a whopping 59 percent in 10 years.

Plano experienced similar growth, with the percentage of renters of the total population growing by 41 percent in the last decade. Conversely, the share of home owners dropped by 16 percent, the most significant decrease among the cities in the DFW area.

One reason for the increasing number of renters in fast-growing places such as DFW is a shortage of affordable housing, said David Howard, executive director of the National Rental Home Council.

"People are growing more and more comfortable with the idea of renting a home for a variety of reasons," Howard said in an interview with the Dallas Business Journal this week. "What it really comes down to is there is a supply problem in this country when it comes to housing."

In addition, the pandemic is changing people's outlook on renting vs. owning a home, said Carlos Vaz, co-founder and CEO of CONTI Organization, a Dallas-based multifamily property owner-operator.

"After the (housing) crisis we had in 2008, people started thinking about renting as an alternative. Maybe they should rent instead of buying a house," Vaz said in a recent interview with the Business Journal. "After 2020, people are going to think about renting as a permanent housing solution. They're not even going to be thinking about a house anymore. It's a different dynamic."

"Many people now are having to tap into their savings," Vaz continued. "They've lost their job or their business is not afloat anymore or their business has incurred a massive amount of debt. So many people are going to question buying a house as an investment or even as a residence."

In the RENTCafé analysis, in terms of 10-year growth, renting gained ground across the board in North Texas, with the exception of Mesquite. Renters in Mesquite lost 10,000 residents, shrinking their share by 22 percent. The percentage of home owners jumped by 12 percent, the only increase among the DFW cities.

With 55 percent of its population renting, Dallas made another step toward being a renters' city. The region's biggest city added far more renters (101,000) than owners (45,000) in the last decade. 

Besides Dallas, there are three more renter-majority cities in the DFW area: Irving, Lewisville, and Denton.

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