Austin's Soaring Rent
It is a truth universally acknowledged that rent in Austin is going up. What's a little harder to understand is how much.
In order to put the rental market into context, the folks over at Abodo narrowed in on the pricing for one-bedroom apartments. According to their most recent National Rent Report, Austin experienced the second highest rent increase in the United States for 2015.
To understand the trend, Abodo analyzed data on listings between April and December of this year. The average price for a one-bedroom unit was $908 back in April, but jumped up to $1,135 by December — a 25-percent increase.
Although the news is grim, these pricing increases are on par with the rest of the country. "Strong rental demand has helped to keep occupancies near record highs. Although that has been a boon to property owners and developers, it is less welcome news for renters who have watched rents climb ever higher," says Abodo of the national phenomenon.
Combine the demands of both an urban hub and a college town, and you have a recipe for high rent in Austin. In an age where parking and transportation are a struggle, Abodo asserts that the apartment search has become especially difficult for college students living in metro areas because they are being priced out of desirable properties near campus.
When it comes to these one-unit rent increases, Austin is beat out only by Las Vegas. Rounding out the other top five for highest rental increases are Denver, San Diego, and Albuquerque, New Mexico. On the other end of the spectrum, the cities that experienced the biggest decrease in rent are Milwaukee, Fort Worth, Boston, San Francisco, and Fresno, California.
To read more about this year's rental trends, head on over to Abodo.