Rent Report

Austin apartment prices surged at start of 2019, says new report

Austin apartment prices surged at start of 2019, says new report

North Austin apartment Burnet Road Amli 5350
Austin rent prices surged this month. Amli 5350/Facebook

After relatively stable rents last year, 2019 is looking less affordable for Austin renters, according to Abodo's year-end rent report.

In 2018, the average one-bedroom apartment in Austin — remember that downtown is more expensive — was $1,165, up a very modest 0.33 percent from January to December. Two-bedroom apartments posted a 0.64 percent increase over the year, growing to $1,465.

These increases were so slim that Austin failed to place among Abodo's top 10 rent gainers for 2018. Nearby Houston, however, landed at No. 8 on the list, with one-bedroom rents increasing by an average 1.63 percent to $1,241 — that's actually more expensive than Austin.

But the Capital City is bucking the trend in the new year. Austin rents surged in January, with one-bedroom prices rapidly climbing a significant 2.11 percent to $1,240 and two-bedroom units posting a gain of 2.15 percent to an average of $1,587.

Statewide, average rents increased a tiny 0.11 percent last year, and Abodo expects the trend toward rent stability to continue in 2019. The average rent in Texas increased by only $4 in January from the level of $900 in December 2018.

Among big Texas cities, the most affordable rent can be found in Fort Worth, where the median one-bedroom price for January clocked in at $866. If you want to live cheaper than that, your only option in Texas is Lubbock, where one-bedrooms are for lease at a rock-bottom price of $580.