According to a recent study of new grads and affordability in rental rates, Trulia found that of the largest 25 rental markets, only 19% of rental units can be afforded by a new grad out on their own. Luckily for those in the Dallas property management business, Dallas is ranked number two on the list for markets young graduates can afford.
To Live Alone, or With a Roommate?
To calculate affordability, the study considered the share of home listed on Trulia as of early May 2015 that a college graduate aged 22-25 could afford. Total monthly payments with insurance could not exceed 31% of the median income for recent grads in the area, and affordability calculated would vary from market to market.
The study found that those wishing to be on their own in Dallas would only be able to afford 14.9% of the median priced rental units available, if they are making a median salary. With this small fraction of affordable properties, young grads may want to consider a roommate until they are able to advance in their career.
Salary and Quality of Life
As new grads face the rental market and strike out on their own, they will need to find a working balance of salary and the quality of life they want to live. Dallas is a great market to fit that bill, and may see an influx of recent grads as new renters.
For those in the business of Dallas property management, this means determining if your rental property is among the 14.9% considered affordable in the market to recent grads, and positioning it in a way that they are attracted to it.
For assistance with attracting new tenants and all other aspects of property management, contact Real Property Management DFW for professional service.