Crestview Commons Apartments benefits from Austin's high demand and strong job market (credit: Apartments.com).
AUSTIN, TX—The peak rental season is coming to an end and the average US apartment rent is winding down, as it experiences the lowest increase since February, of just $2. Texas' largest cities still clock in shy of the national average, which reached $1,472 in August, according to a recent report by RentCafe.
Austin remains the most expensive large Texas city in which to rent, with average rents of $1,437. It has also recorded the largest month-over-month rent increase of 0.7%, translating to $10. The state capital also boasts the largest annual growth, 6.21% or $84 more than in August 2018.
"Austin rates rose at the fastest pace out of all large cities in Texas, despite the slowdown we've seen in most US markets," Irina Lupa, RentCafe report author, tells GlobeSt.com. "Its average rent picked up speed in August, increasing by 0.7% month-over-month and 6.2% year-over-year, compared to July's 0.4% and 6.10% growth, respectively. The trend isn't surprising, as Austin has registered significant gains in both population and employment, and its GDP is steadily rising. While the Texas state capital is projected to add 10,783 new apartments to its stock this year, high demand and a strong job market make a noticeable wind down in rent growth unlikely in the near future."
Dallas welcomes renters with average rental prices of $1,236, a cost that has not increased by much, just $3 since July. Fort Worth, however, had the second largest jump in rent costs of $8, compared to July. Average rents there have reached $1,127.
Houston rents hover at about the same amount for a longer period. For August this year, rents registered a $2 increase to $1,106. This is only $10 more than August 2018.
San Antonio rents have also inched up by $4 in one month. The average there is now $1,047, up $43 compared to the same time last year.
This data was compiled from actual rents charged in market-rated apartments in the largest 260 US cities.
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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.
