What’s the average price for a 2-bedroom apartment in Austin?

Austin

AUSTIN (KXAN) — As more and more people call the Capital City their home, rent prices are skyrocketing. It’s happening in Central Texas and across the country.

Senior Managing Editor with Rent.com and Apartment Guide, Brian Carberry, says prices are reflecting that.

“You’re seeing prices in the Austin market on the rise for things like one to two bedroom apartments. We really dive into two-bedroom apartments, it is the inventory type we have the most availability in. In terms of the number of units on the market. The numbers are based on those two-bedrooms,” explained Carberry. “In Austin, two-bedroom average price is $1,700.”

Carberry points out, of course, you’ll find apartments that are more expensive and others that are cheaper. This is just a citywide average. Neighborhood by neighborhood, you’re going to find variability.

“Price are up 6% from where they were at this time last year. That is a lower rate increase than what we are seeing in Texas as a whole and what we are seeing nationally as a whole,” said Carberry. “While there is demand in Austin, it’s not going up as much as it could be. There’s your silver lining.”

Carberry said though it’s expensive in Austin, finding a two-bedroom under $2,000 in other Texas cities can be a bigger challenge.

“When you look at Houston and Dallas, it’s more expensive for a two-bedroom apartment. You’re going to pay up over $2,000 in both of those places for a two-bedroom. The rate of increase is going up more significantly there. Houston especially it’s up at 36%. When you compare Austin to a place like San Antonio, which is a little bigger, it’s a little bit more affordable to live. If you try to compare yourself to the largest cities in the state — Houston, Dallas — Austin is doing pretty well. When you compare to San Antonio — another large city, Austin is definitely more in demand and a little more expensive.”

Carberry said prices are most likely staying at least in the short term.

“If you look nationally, two-bedroom and one-bedroom apartments are both up about 20% compared to where they were last year, but on the plus side, if you look at the price of rent over the past few months, it’s relatively flat.”

But the he doesn’t feel that rate of increase is sustainable in the long run.

“I think things are going to start to normalize at some point. I can’t tell you if that’s going to be three months from now, six months from now or a year from now,” Carberry said. “But I do think that we are seeing an end in sight at some point at these rising rent prices at the rate that we are seeing right now. Things are going to start to normalize at some point.”

As the desire to live in Austin grows, recently Austin City Council focused on the future of affordable housing. Carberry confirmed it’s a trend he is seeing cities around the country make a priority.

“We are seeing a lot of cities put efforts in to try to leave certain buildings as low-income housing or force developers to build more Section 8 Section 42 type homes to try help out with people who don’t have the money others do. We’re seeing a lot of neighborhoods in cities that are in demand that are gentrifying. And whether this is the primary reason for prices going up or jut a factor in it. It is one of the causes for prices going up.”

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