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Austin Apartment Rent Rising Faster than National Average

Rents in Austin grew by an average of $57 a month, according to RentCafe.

Apartment rent in Austin during 2018 grew an average of $57 a month, or 4.4 percent, to yield an average monthly rent of $1,361, according to RentCafe.

Nationwide, apartment rent grew about $42, or 3.1 percent, to $1,419, the report found. Los Angeles saw rents increase by 6.6 percent while Chicago saw rents bump up 4.9 percent. The average monthly rent in Los Angeles comes out to $2,461 while Chicago's average landed at $1,889. Small cities saw the most fluctuation, with double-digit growth in cities such as Midland and Odessa.

Around Texas, Dallas rents grew 2.7 percent, or about $31, to $1,182 and Houston saw rents grow 1.7 percent year-over-year, or about $18, to an average rent of $1,093 per month.

Large cities with the fastest-growing rents:

  • Las Vegas: 7.9 percent growth
  • Phoenix: 7.7 percent growth
  • Los Angeles: 6.6 percent growth
  • Jacksonville, Florida: 6.3 percent growth
  • Nashville: 5.8 percent growth

Large cities with the slowest-growing rents:  

  • Queens, New York: 0.2 percent decline
  • Baltimore: 1.1 percent growth
  • Boston: 1.2 percent growth
  • Houston: 1.7 percent growth
  • Brooklyn: 1.7 percent growth

About 88 percent of large-scale apartments completed in the first half of the year in Austin fell in the luxury or high-end category, according to this 2018 report from RentCafe.

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