How have average rent prices changed in Austin metro in the last year?
The average one-bedroom apartment rent in Austin slightly dropped over the past year, while other parts of the metro area have seen double-digit cost spikes, according to a May report from rent.com.
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AUSTIN (KXAN) — The average one-bedroom apartment rent in Austin slightly dropped over the past year, while other parts of the metro area have seen double-digit cost spikes, according to a May report from rent.com.
Rent.com estimates the average one-bedroom apartment costs $1,536 each month, down 3% from May 2022. Studio apartments' monthly costs were estimated around $999, while two-bedroom apartments average $1,849 each month under the latest figures.
While average monthly rents hover just over $1,500, nearly half of all apartments in Austin cost more than $2,100 monthly, per rent.com. An estimated 18% of apartments' rents cost less than $1,500, while 33% average between $1,501-$2,100 each month and 49% cost more than $2,100.
Despite Austin seeing a slight decline in average one-bedroom rents compared to last year, the same can't be said for the rest of the metro. Outside of Austin, only five other cities saw downturns in one-bedroom rent costs:
- Leander: $1,779 average one-bedroom rent, down 1% from May 2022
- Dripping Springs: $1,763 average one-bedroom rent, down 5% from May 2022
- Hutto: $1,512 average one-bedroom rent, down 6% from May 2022
- Cedar Park: $1,475 average one-bedroom rent, down 6% from May 2022
- Manor: $1,027 average one=bedroom rent, down 14% from May 2022
The remaining 10 cities accounted for in the metro either saw cost increases, stagnant rates or didn't have historic apartment data to compare rent costs.
- Pflugerville: $1,826 average one-bedroom rent, 19% increase from May 2022
- Kyle: $1,716 average one-bedroom rent, 8% increase from May 2022
- Round Rock: $1,564 average one-bedroom rent, 1% increase from May 2022
- Buda: $1,494 average one-bedroom rent, 0% increase from May 2022
- Del Valle: $1,462 average one-bedroom rent, 23% increase from May 2022
- Georgetown: $1,460 average one-bedroom rent, 49% increase from May 2022
- New Braunfels: $1,397 average one-bedroom rent, 9% increase from May 2022
- San Marcos: $1,182 average one-bedroom rent, 12% increase from May 2022
- Bastrop: $1,137 average one-bedroom rent, 5% increase from May 2022
- Lockhart: $966 average one-bedroom rent, no historic data to compare
More information on Austin area rent trends is available online in rent.com's report.