Multifamily Rents Tick Up As Year Winds Down
Although the monthly averages still make the list for the most expensive in the state, Austin retains its renter appeal as the number of renter households surpasses that of owner households.
AUSTIN, TX—US apartment rents slowly picked up pace in October, despite the brief respite in the previous month. All the signs point toward a strong and resilient industry as the national average rent reaches $1,476, according to a report by RentCafe.
Specifically, Austin average rents rose by $9 compared to September, up to $1,442, keeping the city in the lead when it comes to the highest rents in the state. The yearly uptick was $74, considerably higher than in the other Texas cities included in the report.
“With an annual increase in average rent of almost 5.5%, the rental market in Austin shows clear signs of growing demand. In response, the number of new units delivered in the city has increased to over 6,600 for the first time since 2016,” Alexandra Ciuntu, research analyst and real estate writer, and author of RentCafe’s national rent report, tells GlobeSt.com. “Although the monthly averages still make the list for the most expensive in the state, Austin retains its appeal for renters as the number of renter households, almost 215,500 per 2018 Census data, surpasses that of owner households, around 175,000. This includes about 18,000 high-income renter households making $150,000 or more who might also be interested in Austin’s increasing share of high-end apartments.”
Average rents in Dallas are $1,240 which is up $6. This is a yearly gain of $49, the second largest among the big cities in Texas.
Fort Worth had a month-over-month increase of $4, reaching $1,130. But compared to September 2018, the average rent went up by $39.
Houston average rent went up $2 in October, reaching $1,111. The year-over-year rent recorded an increase of only $16.
San Antonio boasts the cheapest rents among the largest Texas metros, averaging at $1,044. This did not change since September, but is still $31 higher compared to October last year.