Austin rents decreased slightly—by around 0.1%— from June to August this year, according to a recent report on Apartment List’s “Rentonomics” blog. Nevertheless, our rent growth continues to exceed the national average.
The blog report also breaks down rent according to neighborhood, using two-bedroom units as its standard in this particular case. It finds that Downtown is (still) the most expensive rental neighborhood, with two-bedrooms costing $2,950/month.
The North Loop neighborhood, however, shows the highest rent increases in the Austin metro, at an 11% increase over August 2015.
Predictably, the farther one looks from the city center—or at least in every direction except west—the lower the rents. Highland, University Hills, Windsor Park, and Westgate look to come in on the low range in this study.
Comparing Austin to other Texas cities, “Rentonomics” finds it the fourth most expensive city for renters and showing the fifth largest year-over-year rent increase.
An interesting side note: A “Rentonomics” report earlier this year measured several cities’ rent growth as compared to income growth. According to that report, Austin was the city with highest income proportional to rent growth.