AUSTIN, Texas — A new report shows Austin rent rates have increased again for the ninth straight month, going up by 3.2% over the past month and up by 24% compared to the same time last year.
Currently, median rents in Austin stand at $1,498 for a one-bedroom apartment and $1,829 for a two-bedroom apartment, the Apartment List report shows.
Rents rates have been steadily rising after a decline in December of last year. The year-over-year growth in Austin leads the Texas average of 14.3%, as well as the national average of 15.1%, the Apartment List study shows.
But Austin isn’t the only Texas city seeing rent increases, with prices rising in all of the 10 largest cities.
According to the study, Plano is Texas’s most expensive major city, with a median two-bedroom rent of $1,883. Both Plano and Dallas have experienced year-over-year growth above the state average (23.8% and 15.5%, respectively).
Austin’s median two-bedroom rent of $1,829 is above the national average of $1,275. But many other cities nationwide also saw major rent increases similar to Austin, including Phoenix (+27%), Miami (+26%) and Atlanta (+18.8%).
Renters will generally price more expensive in Austin than most similar cities, the report shows. For comparison, the median two-bedroom rent in Detroit is $972, while Austin is more than 1.5 times that price.
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