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