Plano, TX Apartment Market Report

Renters looking for their next apartment can sometimes find the process to be a long and tiring. This can be especially true when searching in a large metropolitan area such as the Dallas / Fort Worth metroplex. However, if renters are looking for an area to settle that offers luxury, culture, and quality, the city of Plano is the place for them. Plano renters can enjoy the convenience and benefits of big city living but still maintain an environment that has a suburban feel.

Plano, TX is an affluent suburb located in Collin County, which is situated north of Dallas. Publications such as CNN’s Money Magazine and Forbes.com has consistently named Plano one of the best places to live and in 2008, the US Census Bureau named Plano the wealthiest city by comparing the median household income of U.S. cities with populations over 250,000. The economic success in Plano can be contributed in large part to the fact that Plano is home to many large corporate headquarters. Companies like Ericsson, Inc., Electronic Data Systems, JCPenney, Frito-Lay, Perot Systems, and Dr Pepper Snapple Group are just some of the major employers that make the Plano job market one of the best in Texas. Additionally, Plano is one of only a few Dallas suburbs that have opted into the Dallas Area Rapid Transit public transportation system. Originally, Plano was served by DART’s bus lines. However, in recent years, Plano has become has opened multiple stations for access to the DART light rail which provides access to residents that commute to work somewhere else in the Dallas area. Plano also boasts a public school system that consistently scores among the highest in the nation. For residents looking for cultural and recreational activities, Plano is sure not to disappoint. The Plano Balloon Festival and Plano International Festival are among the city’ premier events and attracts more than 100,000 visitors collectively.

With a city that has so much to offer its residents, it is no wonder that the Plano apartment market has remained so strong and stable in this troubled economy and housing market. Plano has 114 apartment communities offering over 30,000 individual units to choose from. Twelve of these apartment communities are practically brand new having been built in the last three years. Each community has, on average, approximately 272 individual units. In 2009, these properties have collectively averaged an occupancy rate over 93% – one of the highest in the area. This high occupancy rate also indicates a really competitive landscape for Plano apartment communities. On average, one bedroom apartments rent for $861 per month in Plano. Likewise, two bedroom apartments have an average market rental rate of $1,156 and three bedroom floor plans’ rental rate averages to $1,361 per month. While these averages can assist renters with some baselines before beginning their apartment search, they are by far not indicative of the many options available for all budgets. For example, two bedroom apartment rents start as low as $611 per month and can go up as high as $4,195 per month.

With such a varied collection of properties and rental rates to choose from and sometimes more than one property that meets their budgeting criteria, most Plano renters refer to the amenities of each apartment community in order to assist them in making their final decision. Particularly, because Plano is such an affluent area with a primarily young and white-collar professional residency-base, apartment amenities are the defining line that determines if a community will make a renter’s short list or not. For the busy professional, communities that have an on-site business or fitness center may be a necessity. Over half of Plano apartments offer these two amenities. Business centers can be found at 73 of the apartment communities. Additionally, renters that require an on-site fitness center will find 74 apartment properties fit the bill. If physical activity is important to the renter, chances are they would be interested to know that 23 properties offer include a basketball court, volleyball courts are offered at 22 properties, and racquetball courts are available at 3 Plano apartment communities. Jogging trails are even offered at 28 properties. Pet owners will have no problem finding a property that is pet friendly in Plano. As a matter of fact, 99% of all Plano properties (113 apartment communities) are pet friendly. For the renter that appreciates space and comfort, an overwhelming majority of Plano apartments – 110 communities, offer walk-in closets. Moreover, 55 properties offer garden tubs in the bathroom(s).

The number one concern for most renters is safety and security. Even though Plano’s property crime levels tend to be lower than the average city in Texas, many Plano apartments have implemented some additional features to give their residents an added sense of security. For example, 62 properties, 54% of all Plano apartment communities, offer access gates to limit traffic to only residents or approved guests. While there are 75 Plano apartment communities that offer covered parking to their residents, there are also 43 properties that offer detached garages and 8 properties that offer parking in a parking garage. For renters that would feel safer with a parking option that is more private, 37% of apartment communities in Plano, a total of 42 properties, of a garage that is attached directly to the renter’s individual apartment unit.

With an apartment market with so much to offer, it is clear why so many renters choose to make Plano their home.

Nick Barber is a licensed real estate broker and the President/CEO of UMoveFree; one of the largest apartment finding firms in the multi-family industry. Visit UMoveFree.com for more information on Plano Apartments.

Author: Nick Barber
Article Source: EzineArticles.com
Provided by: Pressure cooker

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