Sky high

Austin rent prices soar to highest among big Texas cities, says new report

Austin aerial skyline with bridges and Lady Bird Lake

Austin rent soared nearly 5 percent from 2017 to 2018.

Ryan Conine/Getty Images

If you’ve found yourself a bit short on cash to splurge this year, we can serve up at least one possible reason.

A new report from apartment website RentCafé indicates rents in Austin rose 4.4 percent from December 2017 to December 2018. That represented the biggest one-year jump among the five largest cities in Texas.

During the 12 month span, the average apartment rent in Austin climbed from $1,304 to $1,361, RentCafé says. And in what should be a surprise to absolutely no one, Austin had the highest average rent of the state’s five biggest cities.

Looking at Austin’s big-city counterparts in Texas, Fort Worth posted the next highest increase in rent during the one-year period — 3.8 percent. Residents of Cowtown saw their average rent go from $1,043 to $1,083, according to RentCafé.

Next in line was San Antonio at 3.5 percent. The average rent in Alamo City crossed the $1,000 mark, moving from $982 at the end of 2017 to $1,016 at the end of 2018. Despite the increase, San Antonio still had the lowest rent among the state’s five biggest cities, the report shows.

In Dallas, the average rent crept up 2.7 percent, closing out 2017 at $1,151 and closing out 2018 at $1,182, RentCafé says.

Among the country’s 20 “mega-hubs” for renters, as characterized by RentCafé, the average rent in Houston inched up the least — 1.7 percent. Houston’s rent went from $1,075 in December 2017 to $1,093 in December 2018.

In the Houston suburb of Pearland, the average rent actually decreased during the yearlong period by one of the biggest percentages among more than 130 U.S. cities included in the report. The rent there slid 0.2 percent, landing at $1,275 in December 2018, according to RentCafé.

Nationally, the average apartment rent increased 3.1 percent over the past 12 months, from $1,377 to $1,419, RentCafé says.

“Healthy job creation, a robust economy, and positive demographic trends are promoting the formation of new households and stimulating demand for rentals,” Doug Ressler, director of business intelligence at Yardi Matrix, a sister business of RentCafé, says in a release.

Going forward, he adds, that will lead to low — and even declining — apartment vacancy rates in most markets.

development news

A new plaza may take some cars off Austin's famous Congress Avenue

Rendering of the proposed plaza on Congress Avenue in downtown Austin

Rendering courtesy of KVUE

Rows of parking spots might eventually be replaced with widened bike paths and more pedestrian space.

Austin's Congress Avenue could soon undergo some major changes.

Home to a selection of restaurants, vintage shops, bars and more, the city is looking to make the popular destination more pedestrian-friendly, with the help of the Congress Avenue Urban Design Initiative (CAUDI).

The project would include a series of changes stretching from Cesar Chavez Street to 11th Street, notably adding a public plaza from Seventh Street to 11th Street.

The city says the Ninth Street through 11th Street blocks can be fully upgraded with current funds, while Seventh Street to Ninth Street can be partially improved until additional investments are made.

Rendering of the proposed plaza on Congress Avenue in downtown Austin A bird's-eye view of the proposed plaza.Rendering courtesy of Congress Avenue Urban Design Initiative via KVUE

The implementation of the plaza would halt all drivers just north of Seventh Street while allowing drivers to continue on Seventh through 11th streets heading east and westward.

This isn't the only upgrade that could be coming to the area. The project would also eliminate all current parking options on Congress Avenue – roughly 94 spots – instead creating more room for walkability near the restaurants, shops and other popular areas.

Other changes include widened bicycle lanes and new turn lanes at the 100 and 500 blocks.

Rendering of the proposed plaza on Congress Avenue in downtown Austin A close-up brings the viewer into the action.City of Austin/austintexas.gov

So far, the project's first phase is expected to cost roughly $22 million, funded mostly by the 2020 Active Transportation and Safety Bond. The full initiative is projected at $130 million, with additional financial support needed.

Read the full story and watch the video at KVUE.com.

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