Austin Rent Report: April 2024

Welcome to the Apartment List April 2024 Rent Report for Austin, TX. Currently, the overall median rent in the city stands at $1,474, roughly the same as last month. Prices are now down 7.1% year-over-year. Read on to learn more about what’s been happening in the Austin rental market and how it compares to trends throughout the broader Austin metro area and the nation as a whole.

Austin rents are flat month-over-month and down 7.1% year-over-year

The median rent in Austin fell by 0.5% over the course of March, and has now decreased by a total of 7.1% over the past 12 months. Austin’s rent growth over the past year has has fallen behind both the state (-2.5%) and national averages (-0.8%).

Austin rent growth in 2024 pacing below last year

Three months into the year, rents in Austin have fallen 0.9%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to March 2023 rents had increased 0.2%.

March rent growth in Austin ranked #96 among large U.S. cities

Austin rents went down 0.5% in the past month, compared to the national rate of 0.6%. Among the nation's 100 largest cities, this ranks #96. Similar monthly rent growth took place in Huntsville, AL (-0.5%) and Oklahoma City, OK (-0.5%).

Austin is the #44 most expensive large city in the U.S., with a median rent of $1,474

Citywide, the median rent currently stands at $1,305 for a 1-bedroom apartment and $1,589 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,474. That ranks #44 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,220 for a 1-bedroom, $1,374 for a 2-bedroom, and $1,388 overall. The median rent in Austin is 6.2% higher than the national, and is similar to the prices you would find in Spring Valley, NV ($1,504) and Colorado Springs, CO ($1,451).

Austin rents are 1.9% higher than the metro-wide median

If we expand our view to the wider Austin metro area, the median rent is $1,446 meaning that the median price in Austin proper ($1,474) is 1.9% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at -7.0%, above the rate of rent growth within just the city.

The table below shows the latest rent stats for 9 cities in the Austin metro area that are included in our database. Among them, Pflugerville is currently the most expensive, with a median rent of $1,638. San Marcos is the metro’s most affordable city, with a median rent of $1,193. The metro's fastest annual rent growth is occurring in San Marcos (-4.6%) while the slowest is in Leander (-11.1%).

You can also use the map below to explore the latest rent trends in the Austin metropolitan area.