According to this report, Austin ranks number two for cities in America with the largest rent increase.
Rent prices in Austin have gone up by 35% year over year on average, according to Redfin. And unfortunately, it could be a while before those numbers go down.
Here’s the list of all US city rent increases:
- Portland, OR (+39%)
- Austin, TX (+35%)
- Newark, NJ (+33%)
- Nassau County, NY (+33%)
- New York, NY (+33%)
- New Brunswick, NJ (+33%)
- Tampa, FL (+31%)
- Fort Lauderdale, FL (+31%)
- West Palm Beach, FL (+31%)
- Miami, FL (+31%)
“We’re continuing to see rent go up,” Executive VP Natalie Young recently told FOX 7.
She goes on to say the average one bedroom price is the highest she’s seen in the 17 years as an apartment locator. According to Zumper, the average rent for a one bed is currently $1,569.
When will the rent increase drop?
Young does believe the high rates will hit their peak by the end of the summer right after the busy season. If you are in the market for a new lease, her tip is to start looking now and lock in your lease.
“If you can do a 15-month lease, if you can do an 18-month lease, lock in your lease. If you can do a long lease and have it end anywhere between the months of October and January, you will position yourself in a better time of year,” Young says.
And here’s more good news! Just like Natalie Young, our agents are experts on the Austin rental market. They know all of the best areas, rates and specials and can help you find a place that works with your budget. Oh, and did we mention our service is totally FREE?!
Ready to get your started on your Austin apartment search? Click here to send a request to one of our agents!