Rates for apartment rental are on the rise all across the US, but few are rising as rapidly as they are in Austin, Texas. Whether it is the live music, the great employment opportunities, or the miles of trails that wind through the city’s three-hundred thirty parks, people are drawn to Austin.
An article in Culture Map Austin reports that because of high mortgage rates, many prospective homeowners are remaining in the rental market for much longer than intended. That hasn’t stopped people from moving in. Despite having doubled the construction of multifamily units throughout the city, occupancy rates remain in the mid ninetieth percentile (AII Multi-family Trend Report, Q2).
Throughout Texas, rental rates are increasing. In Dallas, the next highest in the region on a Zumper list of 100, the rental average for a single bedroom apartment rose by 13.4% in a one-year period. Houston’s rate increased by 9.9% bringing their 1 bedroom rental average to $1,220. Austin soared above those cities at a 30% increase bringing the average one-bedroom rent to $1,550: the second highest increase on the national list. Despite higher housing costs, Austin is ranked 2022’s number 15 of 100 best cities at BestCities.com and Wallet Hub’s second happiest Texas city. With so many great things about ATX, the city’s popularity and value are expected to continue increasing well into the future.
