Although rents in Austin went down slightly this summer, they are back on the upswing, CultureMap Austin reports.
The median rent for a one-bedroom apartment is now $1,120, an increase of $10 from June 2016. However, the increased rental rates are higher in some areas of Austin than others.
Rent in the area around UT grew 6 percent over last quarter, which is faster than a lot of other areas. This is likely due to the fact that college students are back on campus for the Fall semester. However, rent for a one bedroom in that area is $1,000 a month, making it cheaper than many of Austin’s most expensive areas.
Downtown Austin is, not surprisingly, the most expensive area of town for renters. A one bedroom there is $1,880, a $20 increase from the summer. A one bedroom in Old West Austin is $1,615, in Central East Austin it’s $1,550, in Zilker it’s $1,550, and in East Cesar Chavez it’s $1,530. Those are the top five most expensive areas for renters in Austin.
If you’re looking for a deal on an apartment, Windsor Park’s rent of $850 and Montopolis’ rent of $890 for a one bedroom make them the most affordable neighborhoods in Austin.
Even though Austin’s rent is high, it’s still only the 26th most expensive place to rent in the country currently. Even Dallas is more expensive, with rent $1200 for a one bedroom there.