It’s not a secret that Austin is one of the hottest places to live in the US (in more ways than one). With the influx of newcomers moving to the ATX comes the increase in rent prices. While Austin rent typically increases by up to five percent each year, this past year they have risen nearly 20 percent, according to this report by KUT.
That’s no surprise, considering these findings by the US Census Bureau:
- Austin’s population grew by 21 percent to 961,855 persons over the last decade.
- Roughly 171,465 people have been added to the Austin community since 2010.
- The Austin metro area has gained about 579,014 residents since 2010, a 34% population growth.
- Among the nation’s largest metros, the Austin metro now ranks 29.
- 184 new residents move to the Austin metro every day, as of May 2021.
Data also shows that Silicon Valley is seeing an exodus of residents last year, as many residents have reportedly relocated to Austin, according to The Austin Business Journal.
Earlier this month, Elon Musk announced that Tesla will be moving its headquarters to Austin. Meanwhile, Oracle announced in December 2020 that it’s moving its corporate headquarters here from California. Plus, Samsung is weighing the city of Taylor as a potential location for its new $17 billion semiconductor plant.
The ability to work from home has also made an impact on Austin rent. We asked WTA Realty Executive Vice President Natalie Young about the rise in newcomers moving to the area.
“Since the start of the pandemic, many companies have transitioned to working from home permanently, and that has allowed people from the east and west coast to settle in Austin,” she said. “Our rental rates, while still very high for Austinites, are usually lower for people relocating, who tend to have higher monthly rental budgets.”
But here’s the good news!
ATX Apartment Locators are here to help you find the best place to rent. WTA Realty Vice President Jess Rodriguez explains that is because the team gets daily emails and notifications about all of the best deals in Austin.
“We know about them before anybody else does,” she said. “Plus, in addition to getting those notifications first, we’re dedicated to doing the research to find our clients the best deal possible.”
Sounds like a winning deal. Ready to get your free search started? Click here to send a request to one of our agents!