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Austin rents see big jump this month

Rate increase is one of highest in the U.S.

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Piling on to last month’s depressing news from RentCafe that Austin rents are rising at a year-over-year pace that matches or exceeds that of other large U.S. cities, the listings and data site Apartment List reports that August rent rates saw a significant increase over July’s, with a 0.4 percent jump.

According to AL, it’s the fifth consecutive month that median rent in Austin has risen. It’s now at $1,183 for a one-bedroom apartment and $1,460 for a two-bedroom, says the site. The report also confirmed that Austin’s year-over-year rent growth for a two-bedroom apartment—which the site puts at 3.3 percent ($1,460 per month)—leads the state and national averages, which are 1.6 percent.

By comparison, Phoenix, Arizona, saw a 3.7 percent increase since last year, New York rents rose by 1.8 percent, and Washington, D.C.’s went up by 1.7 percent. AL puts median national rent for a two-bedroom at $1,191.

Apartment List uses median rent statistics from the U.S. Census Bureau and its own listing data for its reports.