Austin Rent Prices Continue to Climb
AUSTIN, Texas — Rent prices in Austin are still on the rise, according to a recent report by Zumper. This report took a close look at the month-to-month data for one-bedroom apartments throughout the area. The findings reveal that the average rent across Texas sits at around $1,400 a month, while in Austin, the average for one-bedroom apartments has surged to $1,530, marking a notable increase of 3.4% in just one month.
Two-Bedroom Units Also See Increases
The trend isn’t isolated to just one-bedroom apartments. Two-bedroom units in Austin have also seen a significant jump, rising by 4.3% to reach an average rent of $1,930. This growth in both one and two-bedroom housing shows that finding affordable living arrangements is becoming increasingly challenging for many residents in the city.
Comparative Rent Prices in Neighboring Cities
When looking at nearby cities in the metro area, Round Rock and Cedar Park come in next for the highest one-bedroom rents, with both cities averaging around $1,300 per month. Meanwhile, San Marcos has seen the fastest-growing rent in the area, with a remarkable 5.9% increase from the same time last year. Cedar Park’s rent rose by 1.5%, making it the second fastest-growing, while Round Rock rounded out the top three with a slight 0.7% increase.
Monthly Growth Rates
In terms of monthly growth rates, Cedar Park led the way with an impressive 3.8% increase this past month. Austin followed closely behind, and Leander took the third spot with a 3.1% rise in rent prices. These figures indicate a competitive housing market, with the demand for rental properties continuing to push prices higher.
Cheaper Rent Options Found in Pflugerville and Georgetown
For those searching for more affordable rental options, Pflugerville stands out as the least expensive city in the metro area, boasting a median one-bedroom price of $1,230. This marks a 3.1% decrease last month, offering some relief to renters. Meanwhile, Georgetown has also experienced a decline in rental prices, down by 5.8% from the previous month and a significant 7.9% drop from this time last year. These decreases suggest that while some areas are experiencing sharp increases in rent, others are providing a more affordable option for residents.
Understanding the Metrics
The findings reported by Zumper represent active listings that became available last month. Data is compiled city by city to calculate median asking rents, providing a clear overview of the current rental market in the Austin metro area. For anyone interested in viewing the complete report, it can be found on the Zumper website.
A Look Ahead
With the cost of living continuing to rise, it remains to be seen how this will affect the housing market and the options available for renters in Austin and neighboring cities. As demand remains high, potential renters may want to keep a close watch on market trends and be prepared for fluctuations in rent prices in the coming months.
