Austin, TX Rental Market Trends

Austin Rent Report: February 2023

Welcome to the Apartment List February 2023 Rent Report for Austin, TX. Currently, the overall median rent in the city stands at $1,627, roughly the same as last month. Prices remain up 2.0% 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 up 2.0% year-over-year

The median rent in Austin fell by 0.5% over the course of January, and has now increased by a total of 2.0% over the past 12 months. Austin’s rent growth over the past year has has fallen behind both the state (4.2%) and national averages (3.3%).

January rent growth in Austin ranked #63 among large U.S. cities

Austin rents went down 0.5% in the past month, compared to the national rate of -0.3%. Among the nation's 100 largest cities, this ranks #63. Similar monthly rent growth took place in North Las Vegas, NV (-0.4%) and Orlando, FL (-0.5%).

Austin is the #31 most expensive large city in the U.S., with a median rent of $1,627

Citywide, the median rent currently stands at $1,451 for a 1-bedroom apartment and $1,766 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,627. That ranks #31 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,148 for a 1-bedroom, $1,316 for a 2-bedroom, and $1,338 overall. The median rent in Austin is 21.6% higher than the national, and is similar to the prices you would find in Henderson, NV ($1,638) and Aurora, CO ($1,616).

Austin rents are 0.5% lower than the metro-wide median

If we expand our view to the wider Austin metro area, the median rent is $1,634 meaning that the median price in Austin proper ($1,627) is 0.5% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at 2.0%, below the rate of rent growth within just the city.

The table below shows the latest rent stats for 7 cities in the Austin metro area that are included in our database. Among them, Leander is currently the most expensive, with a median rent of $1,953. San Marcos is the metro’s most affordable city, with a median rent of $1,384. The metro's fastest annual rent growth is occurring in San Marcos (5.9%) while the slowest is in Georgetown (-0.1%).

City

Median 1BR Rent

Median 2BR Rent

M/M Rent Growth

Y/Y Rent Growth

Austin

$1,451

$1,766

-0.5%

2.0%

Cedar Park

$1,416

$1,807

-1.2%

0.6%

Georgetown

$1,247

$1,476

-0.4%

-0.1%

Leander

$1,249

$1,384

-0.3%

2.1%

Pflugerville

$1,603

$1,775

-0.5%

1.1%

Round Rock

$1,432

$1,729

-0.3%

1.9%

San Marcos

$1,234

$1,397

0.5%

5.9%

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

Methodology

Apartment List is committed to the accuracy and transparency of our rent estimates. We begin with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, capturing apartment transactions over time to provide an accurate picture of rent growth in cities across the country. Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. For more details, please see the Apartment List Rent Estimate Methodology.

Data Access

Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.