To summarize the Plano real estate market in October: the winds have shifted slightly in favor of tenants, while sellers are waiting longer due to interest rates.

Although rental data for October has been released, I couldn't find the Plano October sales statistics from the MetroTex Association of Realtors at the time of writing this article. Therefore, I will discuss sales figures confirmed only up to September.

Let's start with rentals. According to the Apartment List November report (October data), the median rent in Plano is $1,609. This is a decrease of 0.6% from a month ago and 2.3% from a year ago.

A one-bedroom apartment costs $1,332, while a two-bedroom is $1,685. The cumulative decline from January to October this year is 0.9%, which is not significantly different from last year's 0.7% during the same period.

However, it's important not to mix sources. RentCafe reported the average rent as of October 30 at $1,694, a decrease of 0.43% compared to a year ago. The calculation methods differ.

Even within the same timeframe, the situation varies depending on the area. According to RentCafe, Legacy West has an average rent of $2,444, while downtown Plano is at $1,580 and Richardson is at $1,464.

What about the broader region? According to Matthews' Q3 report, the DFW vacancy rate is 6.1%, and the average rent is $1,493, which is a 0.2% increase from a year ago. In contrast, Apartment List's figures for the Dallas metro area show a 1.3% decrease, indicating conflicting trends.

On the supply side, the signals are relatively clear. Q3 absorption was 6,736 units, exceeding the 6,390 units newly completed, and the number of completions in the last 12 months has decreased by 23%.

Therefore, I cannot guarantee that the decline in rent will last long. However, the amount of construction in progress compared to existing inventory shows that Frisco, The Colony, and Prosper areas have 13.8%, while Allen and McKinney areas have 9.5%. As new complexes emerge in neighboring areas, Plano buildings will also face tough competition.

So what should tenants do? If you receive a renewal notice, check the current new rental prices in the same complex. If the market has declined but you accept the proposed increase, you could end up losing out.

You should also consider concessions. CRE Daily reported that concessions are widely used in A-class suburban complexes in DFW as of Q1 this year. I couldn't find data specific to Plano, so please inquire at each complex.

Make comparisons based on actual rent, not listed rent. If a 12-month lease offers one month free, the actual burden is 11/12 of the listed amount. For a property listed at $1,800, that means a monthly cost of $1,650.

Now, let's discuss sales. In September, there were 209 sales in Plano, a 6.09% increase from last year's 197. The previous month, August, saw 188 sales, significantly down from last year's 253, so it's premature to claim recovery based on just one month's figures.

The median price in July was $515,000, down $15,000 from $530,000 a year ago, while August's median was $494,500. Monthly median prices fluctuate depending on which neighborhood's homes are sold.

When the October statistics are released, the benchmark for comparison will be last October's figures: a median of $498,000, 212 sales, and 303 listings.

The biggest variable remains interest rates. The average 30-year fixed rate from Freddie Mac rose to 7.40% on October 15, then fell to 7.24% on October 29. A year ago, it was 6.17%.

If you borrow $400,000 with a 30-year loan, the monthly principal and interest at 6.17% would be $2,442, while at 7.24%, it would be $2,726. A difference of $284 per month makes it understandable for buyers to negotiate lower prices.

However, viewing Plano as a whole can cloud judgment. According to Resideline's median values based on the last six months of transactions as of November 2, the zip code 75074 is $380,000, 75024 is $638,500, and 75093 is $800,000.

This value is not from all transactions but rather a sample tracked by Resideline. Texas does not have a public transaction disclosure requirement. Therefore, use this information only to understand the price differences between the east and west sides.

When comparing sellers and rental properties side by side, neither side has it easy. Sellers must share the burden of buyers' interest rate concerns through pricing or concessions, while landlords must contend with declining rents and competition from new complexes.

If there's no urgent need to sell and mortgage rates are low, I wouldn't rush. If your moving schedule is set, I would align the initial listing price with the market rate and avoid the path of repeatedly lowering the price.

If you own rental properties, it's better not to be too greedy with renewal increases. If a $2,000 rental home sits vacant for just one month, that $50 increase translates to a loss of 40 months' worth of rent.

At the end of the year, property taxes also need to be considered. The City of Plano proposed freezing the rate at $0.4376 per $100 for the 2026-27 fiscal year, while the Plano Independent School District proposed a reduction to $1.0328. I couldn't verify the final adopted figures, so please check your tax bill.

Even if the tax rate decreases, there's no guarantee that your bill will also decrease. The school district's budget proposal forecasts an increase in the average school tax for homes from $4,670 to $4,827. The school tax homestead exemption has increased to $140,000, so make sure to check if you've applied for it.

In summary, tenants should compare actual rents from at least three sources before renewing, and landlords should monitor neighborhood transaction examples alongside interest rate trends.

When the October sales statistics are released, I will first look at the number of listings. The amount compared to last year's 303 will affect negotiating power at the end of the year.