If you’re feeling financially squeezed as a renter in Austin, maybe you can take comfort in the fact that you’re not the only one who’s not at home with rent costs spiking.
According to new data from rental platform Zumper, Austin recorded the highest increase in Texas in the average rent for a one-bedroom apartment — 30.3 percent — from February 2021 to February 2022. This February, the average rent here was $1,550.
“Rent’s rapid rise is largely tied to the home sales market. As home prices rise, they price out renters who would otherwise buy,” Zumper says. “And because the home sales market has gotten so hypercompetitive, many frustrated renters in the market for a home have simply given up because the process is so exhausting and demoralizing.”
As a result, the home sales market is keeping some tenants in the rental market longer than they’d like to be, leading to higher rents overall, according to Zumper.
Among the 100 cities included in Zumper’s latest rental index, Miami experienced the steepest year-over-year rise in the average rent for a one-bedroom apartment: 34.4 percent.
Elsewhere in Texas, Plano, near Dallas-Fort Worth, witnessed the average rent for a one-bedroom apartment rise 17.1 percent to $1,440 from February 2021 to February 2022. Irving ranked second in DFW, with a 16.7 percent year-over-year spike in the average rent for a one-bedroom apartment. Irving’s average rent stood at $1,330.
Dallas landed at No. 3 in the region, with a 13.4 percent jump in the average rent for a one-bedroom apartment from February 2021 to February 2022. The average rent in Dallas was $1,440, according to Zumper.
In Fort Worth, the average rent for a one-bedroom apartment climbed 9 percent to $1,210, while it increased 8.4 percent in Arlington to $1,030.
The average rent for one-bedroom apartment in San Antonio climbed 11.3 percent from February 2021 to February 2022, winding up at $1,080.
In Houston, the increase was 9.9 percent, ending up at $1,220.