Austin's population jolts along with development and boosted infrastructure are rent influences.
AUSTIN, TX—Average multifamily rents in Texas recorded slow changes compared to last month, but the most significant differences are observed when comparing today's rents to June 2018 and the beginning of 2019. RentCafe's mid-year rent report recently analyzed the evolution of monthly rents in 260 US cities.
In the top spot, Midland maintains its reign with rents averaging $1,591. However, it is the only city to record a rental cost cooldown compared to June last year, after a decrease of $22.
However, there was a takeover near the top of the rental charts. Austin climbed to the second-largest rent spot, $1,422, after a $20 price growth from last month. Odessa, the previous runner-up, falls to $1,396 in average rents after a decline of $12 since May, according to the report.
“Austin's $53 net increase within the first months of 2019 is the highest among larger Texas cities and second highest among all cities analyzed,” Alexandra Ciuntu, study author, tells GlobeSt.com. “This is a sign that Austin has become a popular hub among renters thus stimulating demographic growth and fueling further demand, while still managing to maintain an average monthly figure below the national average of $1,465. Increases in population, and expanding developments and infrastructure are among the factors influencing rent evolution in the first half of 2019, an evolution that mirrors the rest of the country.”
Dallas rents reached $1,229 last month after registering a $47 increase compared to June 2018. Fort Worth saw a similar rise, $46 during one year, reaching $1,115 in average rents. In Arlington, new renters can expect prices of $1,026, $6 more than last month and $16 more than at the beginning of this year.
Houston average rents reached $1,105 in June, but are among the slowest in Texas, with only a $9 rise compared to last year. In San Antonio, rents climbed by $40 in one year and have now reached $1,039.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
