AUSTIN, Texas — A new report has found that although the housing market is starting to cool off in Austin, the cost of rent for one-bedroom apartments are still increasing.
In Zumper's newly released National Rent Report, they found that the city of Austin is ranked No. 21 out of 100 cities nationwide with the most expensive rent for residents.
Over the last year, Austin has increased its ranking by two placement points even with the majority of the nation starting to see lower rental prices. Currently, renters looking for a two-bedroom apartment will have an average cost of $2,080. Although this price is a decrease of 1.4% from last month, it's still an increase of 13% compared to last year.
Alternatively, a one-bedroom apartment in Austin saw a 1.2% increase over the last month, resulting in a 13.5% yearly increase, which goes against the trending data for the majority of cities included in this list. This culminates into one-bedrooms being priced out at $1,680 a month on average.
For example, residents in Providence, Rhode Island, saw a decrease of 5.2% in their monthly rent cost as compared to a 16% overall increase. Even with the decrease, average rent costs for a one-bedroom apartment sit at around $1,810.
Even with rent costs continuing to increase, Austinites can take solace in the fact that the city did not make the top five of "highest risers" in the U.S. Instead, that designation goes to Baltimore, Maryland; Akron, Ohio; and Fort Lauderdale, Miami and Jacksonville, Florida.
Though, Austin also did not make the top five list of "largest fallers" in rent. Those placements went to Indianapolis, Indiana; Fresno, California; Tulsa, Oklahoma; Rochester, New York; and Columbus, Ohio.
Boomtown is KVUE's series covering the explosive growth in Central Texas. For more Boomtown stories, head to KVUE.com/Boomtown."