Austin rent rise tops nation

Rate surge Texas’s capital city sets U.S. record

Texas /
May.May 18, 2022 12:30 PM
Daryl Fairweather, Rent Rises, Austin

Daryl Fairweather (iStock)

Texas’ capital city set records last month, topping the nation in new asking rent hikes since this time last year. The monthly rent for newly available apartments in Austin almost doubled since April 2021 — the highest year-over-year rise in the nation, according to a report by real estate listings and data site Redfin.

Median monthly rent in the metro area, which encompasses all or part of five counties, was $2,531 in April. That’s 46 percent higher than it was in the same month last year and the fastest such increase in the country. Austin was the only Texas city on Redfin’s top 10 U.S. metros with fastest year-over-year rent hikes. It was also the largest such increase for any city Redfin has reported since it started compiling rental data in 2019.

Coming in second on the list was Portland, Oregon, with a 33 percent year-over-year increase, followed by Miami, where rents were up 31 percent compared to April 2021. Nationally, median monthly rent rose 15 percent since April of last year, setting a record high of $1,962, but slowing down from a 17 percent year-over-year increase in March.

“Landlords in hot migration destinations like Austin, Portland and South Florida are charging new tenants 30 percent more than last year’s rent,” Redfin chief economist Daryl Fairweather.

Only three U.S. cities showed a year-over-year drop in rental asking price from April 2021: Milwaukee, Wisconsin (-8 percent); Kansas City, Missouri, -4 percent; and Minneapolis, Minnesota (-2 percent).

To compile the list, Redfin analyzed rent prices in the 50 largest U.S. metros, using data provided by its company RentPath for 20,000 apartment buildings. Prices in the report reflect the median cost of apartments that were available for new renters during the report month — not the median of what all renters are paying.





    Related Articles

    arrow_forward_ios
    (iStock, Illustration by The Real Deal)
    Austin home listings surge, topping nation
    Austin home listings surge, topping nation
    Core5 Industrial Partners' Timothy Gunter with Core Logistics Center (Core5)
    Top Texas building market adds $16M business park
    Top Texas building market adds $16M business park
    Archway's Eric Hawk and a rendering of Royal 114 (Archway, iStock)
    Giant industrial park slated for Dallas area
    Giant industrial park slated for Dallas area
    Tellus' Craig Martin and a map of the site (Tellus, Business Wire)
    Tellus buys big for $1.5B Texas development
    Tellus buys big for $1.5B Texas development
    Jerimi Nuckolls and Andy Lallathin (Coastal Ridge Real, iStock)
    Coastal Ridge builds to rent in Austin
    Coastal Ridge builds to rent in Austin
    First Guaranty Mortgage's Aaron Samples (First Guaranty Mortgage, iStock)
    First Guaranty ‘essentially shuttered’ in Dallas
    First Guaranty ‘essentially shuttered’ in Dallas
    Robert Dullnig and Arroyo Vista Rancha in Boerne (Robert Dullnig Kuper-Sotheby's International Realty, iStock)
    $21M Texas ranch includes indoor gun range
    $21M Texas ranch includes indoor gun range
    Stream Realty's Lee Belland and the corner of I-35 and Sixth Street (LinkedIn, Google Maps, iStock)
    Revitalization of Austin’s ‘Dirty Sixth’ a bit of a mess
    Revitalization of Austin’s ‘Dirty Sixth’ a bit of a mess
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...