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June 2016 Texas Apartment List Rent Report

June 1, 2016

Welcome to the June 2016 Texas Apartment List Rent Report. Rent growth in the Lone Star State hover just above that of the nation, and in this report, we’ll evaluate trends across the whole state as well as variations between cities.

Texas Rent Growth

In Texas, rents increased 0.5% over last month, and are up 3.1% over last year.  A 1-bedroom in Texas costs $1,020, while a 2-bedroom has a median rent price of $1,240.

Top 10 Most Expensive Cities

  • Dallas: Dallas is Texas'¬†most expensive city for renters, with 2-bedrooms at $1,590. ¬†Dallas rents have grown year-over-year by 5.8%, which is higher than both statewide and national averages. A 1-bedroom in Dallas has a median rent price of¬†$1,220.
  • Austin¬†and Plano: Plano joins Texas' capital in a tie for the¬†3rd¬†most expensive city, with median rents at $1,500 for a 2-bedroom. 1-bedroom rents¬†run a median rent price of $1,190¬†in Austin, and $1,090 in Plano.
  • San Antonio: Located southwest of Austin, San Antonio¬†places 7th for most expensive Texas cities. A 2-bedroom in San Antonio costs¬†$1,010, while 1-bedrooms go for $850. Rents there have risen 3.4% in the past year.

Top 10 Cities with the Fastest Rent Growth

  • Plano:¬†In addition to placing as Texas' 4th¬†most expensive city,¬†Plano also shows¬†the highest year-over-year¬†rent growth, with a 7.0% increase over May¬†2015.¬†Plano rents have grown 0.9% over last month.
  • Fort Worth: Just west of¬†Dallas,¬†Fort Worth (median 2-bedroom rent $1,170) showed the 4th¬†largest rent increase with 4.8% growth over last year.¬†Fort Worth was one of just six¬†Texas cities with rent growth that exceeds statewide and national averages.
  • Houston: In addition to ranking 2nd¬†for most expensive Texas rents, Houston¬†ranks 9th¬†for biggest rent increase, with rents 0.4% higher than they were last year. Houston rents are up 0.1% over last month. A 2-bedroom in Houston runs a median rent price of $1,520.

For full data and methodology, please see below. And as always, feel free to contact us with any questions!

Data & Methodology

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Methodology:

Apartment List Rent Report data is drawn monthly from the millions of listings on our site. 1-bedroom and 2-bedroom rents are calculated as the median for units available in the specified size and time period. Price changes are calculated using a ‚Äúsame unit‚ÄĚ methodology similar to the Case-Shiller ‚Äúrepeat sales‚ÄĚ home prices methodology, taking the average price change for units available across both time periods.

About Rental Price Monitors:

Apartment List’s Rent Reports cover rental pricing data in major cities, their suburbs, and their neighborhoods. We provide valuable leading indicators of rental price trends, highlight data on top cities, and identify the key facts renters should know. As always, our goal is to provide price transparency to America’s 105 million renters to help them make the best possible decisions in choosing a place to call home.

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AUTHOR
Andrew is the former Director of Data Science at Apartment List, where he lead research into rental trends and affordability. Andrew previously worked as a management consultant at Bain & Company, and has a BA in Economics from Brigham Young University. Read More
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