Austin rent increase among highest in nation

Austin rents are some of the fastest-rising for big U.S. cities, according to a mid-year report from listings and research site RentCafe. While rates in Texas remained flat in the short term, the report’s year-over-year comparisons show more dramatic increases for the state. Austin rents climbed to an average of $1,422 in the first part of 2019—a 3.9% increase over the same period last year, $20 since last month, and $45 since June of last year.

Despite the steep rise, Austin rents are still not the highest in the state. That dubious honor goes to Midland, Texas, where rents currently average $1,591, according to the report. Its Permian Basin companion city, Odessa, ranked third-highest (everybody say “oil boom”), with rents costing $1,396 on average. Average rent in both, however, have declined, with Midland seeing a $22 decrease year over year and Odessa dropping almost half that amount ($12) in the past month.

Rents in the Dallas-Fort Worth metroplex, Houston, and San Antonio are up since last year but have been rising at a lower rate, with Houston—reaching an average of $1,105 per month in June—being the slowest.

Average rents in nine of the nation’s other large cities ranged significantly higher in some cases, with Manhattan topping the list at $4,190 per month.

RentCafe’s data represents all apartment sizes and comes by way of California-based analysts Yardi Matrix. It’s important to keep in mind that there’s a difference between the city’s actual median rent (as seen in the U.S. Census) and its market median rent (as seen on sites like RentCafe).