Austin Market Update August 2024

Austin Market Update

The last few years have completely shifted the rental market. Between Covid-19 and the rapid growth of the city, the prices spiked. Luckily, we have started to see a decline in rent prices after 2023 finally. We know how frustrating it can be when you hear your rent is being raised or the shock of reevaluating. Luckily, this update brings some hope for Austin renters! So far, apartment rent has decreased by an average of $56/month this year. This is a 3.7% drop. Properties continue to be built, but the demand is now decreasing. There have already been 36+ residential rental buildings completed this year, not to mention the ones in progress. Prices spiked in the summertime, which is typical, and have started declining again this month.

Most Affordable Neighborhoods

The most affordable neighborhoods in Austin include Georgian Acres, South Lamar, South Austin, Travis Heights, & Windsor Park. 1 beds here average between $975 – $1148. The average 1-bed rate of all of Austin is $1421, so these are comparably lower. 

Most Expensive Neighborhoods

If you’ve got the budget, the areas that will cost more include East Caesar Chavez, Red River Cultural District, Warehouse District, 2nd Street District, or Bouldin Creek. These 1-beds averages range from $2581 to a whopping $4983.

Most Popular Neighborhoods

If you wanna be where the people are, these are the areas for you! West Campus near UT, Red River District, North University, Hancock, & Downtown Austin are the hot spots for renters.

General Rental Updates

Believe it or not, studio prices have increased 26% this year, with an average cost of $1227. 1 beds averages decreased 14%, so now’s the time to get your own place! 2 beds also decreased 9%, with an average rent of $1769. 

Let’s talk square footage! Where can you get the most bang for your buck? The 78732 zip code near Steiner Ranch will allow you to get the most square footage of all areas. You can get 1115sqft for $1700. For the same rate, 78726 Canyon Creek & Anderson Mill area will get you 1026sqft, which is still a lot for that price! Other areas that also provide a lot of space for a good value include Round Rock & Manor.

Overall, the trends were seeing are showing good news for renters! The rental rates in Austin are starting to calm down after years of uptick.