COVID cases are down, and rent is back up in Austin, a new report shows.
According to the July Rent Report from ApartmentList.com, rent prices in Austin are currently 11.9 percent higher than they were this time last year, meaning they are back to where they would have been had the pandemic not tanked the market last spring, the report's authors say.
"Almost every city experienced 'pandemic pricing,' defined conservatively as rent prices falling at least 1 percent below seasonal projections at any point from April to December 2020," ApartmentList says. "But the severity of pandemic pricing, and the amount of time it takes each city to recover from it, has differed greatly across place."
In Austin, the report notes that "this is the sixth straight month that the city has seen rent increases after a decline in December of last year," also stating "Austin's year-over-year rent growth leads the state average of 7.8 percent, as well as the national average of 8.4 percent."
In June, Austin rents grew 3.5 percent, which was above the national average of 2.3 percent. Median apartment rents in Austin now clock in at $1,363 for a one bedroom and $1,665 for a two bedroom, according to the report.
By way of comparison, year-over-year rents have grown by 8 percent in San Antonio, 6.4 percent in Dallas, and 4.3 percent in Houston, ApartmentList.com says.