A new report by Abodo finds that Austin rents are increasing, Austin Culturemap reports.
In the third quarter of the year, rent increased 2.51 percent. The median price of a one bedroom in Austin in July was $1,154, and by the end of September it was $1,183. For a two bedroom apartment, the median price at the end of September was $1,448. Austin is the 24th most expensive market for renting in the United States.
As U.S. News and World Report recently found, Austin is the best city to live in the country. Demand drives up prices, especially if there isn’t enough supply to house everyone coming to Austin, so expect rent to continue to be on an upward trend. Austin had more new people move here in 2016 than ever before.
To sum up, don’t expect to see prices go down for a while, especially with homeownership rates falling.
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