Rent prices in Austin, Texas continue their steady upward climb, rising 0.6 percent between June and July 2016 and up 3.7 percent year-over-year, according to Apartment List’s August 2016 Austin Rent Report. And with 71 percent of Austin renters planning to purchase a home in the future – well over the national average of 60 percent – rent prices may be a defining factor in making the move to homeownership.
The median rent for a one-bedroom in Austin is $1,200, and the median rent for a two-bedroom is $1,500. However, in the most popular areas, rent is even higher.
Downtown is the most expensive part of Austin, with the median two-bedroom costing $3,080, and the median one-bedroom costing $2,140. Downtown did see a 0.3 percent decrease in rents between June and July, reflected in these numbers.
The Zilker area is the second most expensive rental area. The median price of two-bedrooms is $2,360, and the median price of one-bedrooms is $1,780. This area is up 2.2 percent compared to July 2015.
Bouldin is third, with medians for one- and two-bedrooms at $1,840 and $2,000, respectively. North Burnet is fourth, with one- and two-bedroom medians of $1,530 and $1,940. North Burnet rents increased 5.5 percent between July 2015 and July 2016, the third highest increase among Austin neighborhoods.
What are the hottest areas?
North Loop had the highest year-over-year growth: a 12.2 percent increase over July 2015 to $1,400 and $1,630 for one- and two- bedrooms, respectively. The Hancock area is up 7.4 percent in the past year, with one-bedrooms at $1,030 and two-bedrooms at $1,800. West University is up 4.3 percent over last year, with the median one-bedroom at a price of $1,000, and a median two-bedroom at a price of $1,700.
See a visual of all the areas of Austin and their rent prices here.
Rent prices in Austin as a whole are above the Texas average, and, by all accounts, are continuing to rise. The median sold price for an Austin-area home in July 2016 was $285,000.