Downtown Austin’s rents are the highest in Texas, according to a recent story on the the RentCafé’s. Using numbers crunched by real-estate analytics site Yardi Matrix, RentCafé found that hometown fave 78701 came, with an average $2,475 per month, ranked first of its list of the state’s priciest ZIP codes.
The ZIP code that includes Tarrytown and Old West Austin, 78703, was second on the list, with an average rent of $2,393 per month. Central Austin’s 78705 (which also encompasses West University and Hancock) took fourth place, with a $2,102 monthly average.
Dallas and Houston dominated the top spots in the 50-city study—Houston’s Harris County had 15 ZIP codes included, the most of any Texas county)—Austin is amply represented. Notably, East Austin’s 78702 is the next Austin area to appear on the chart after Central Austin; the Eastside area came in at No. 12 in the state, with an average rent of $1,711 per month.
Interestingly, rents in both of the top two ZIP codes fell in the last year, according to the study. Downtown Austin’s rents dipped by 3 percent, while 78703 saw the average rent decrease by 5 percent. Fourth-ranking Central Austin (78705), however, saw 5 percent increase in rents over last year’s.
According to the study, the average rent statewide is $1,063 per month, still below the national average of $1,316.
You can check out more details about the study on the chart above or at one of the links below.
• Yardi Matrix Markets page