How Much Is Rent In Austin
Average Rent in Austin, TX
The average rent in Austin, TX is $1439 as of April 2024. In the past year, rent has decreased by 6.80%
Rent Trends in Austin, TX
Austin's average rent decreased by $105 in the last year. Rents fell 0.5% in March 2024 compared to the previous month. Over the past 3 months, Austin rents have fallen 0.9%, a slower rate of decline than the 0.2% increase during the same period in 2023.
Rental prices in Austin are:
4% lower than the $1,499 national average
7% lower than the national median
22% higher than the $1,446 median in the wider Austin metro area
Most and Least Expensive Austin Neighborhoods
The most expensive Austin neighborhoods based on average rent are:
Downtown Austin
West Austin
South Central Austin
The most affordable neighborhoods in Austin are:
Onion Creek
Southeast Austin
Northeast Austin
Mueller is Austin's most expensive neighborhood with an average rent of $3,963 for a 1-bedroom apartment. The cheapest neighborhood is Windsor Hills, where a 1-bedroom rents for $1,002 on average.
Factors Impacting Austin Rents
Several factors have impacted Austin's rental market recently:
Supply growth: 17 projects totaling 5.54 million sq ft were built downtown in 2022, with 8.26 million sq ft still under construction. This surge in new inventory has put downward pressure on rents.
Population growth: Austin's population grew 36% from 2010-2020, the highest increase of any major U.S. metro. The city added 177,079 residents from 2010-2019.
Declining demand: Austin's apartment vacancy rate has increased from around 5% in 2022 to 8% currently. More vacant units give renters additional bargaining power.
So in summary, while Austin rents remain high compared to other Texas cities, the market has cooled significantly due to slowing population growth combined with a glut of new apartment supply. Renters now have more options and leverage to negotiate better deals, especially in the city's core.