ApartmentData.com collected and compared data like average rent, rental rate growth, and rental rate absorption (how many units were leased against how many were vacated) to discover where Austin’s hottest rental submarkets are.
1. Cedar Park / Leander / Four Points
Cedar Park, Leander, and Four Points win first place because the average rental rate is $1.42 per square foot per month. The average size of an Austin apartment is 875 square feet, making an apartment in this area cost $1,242.50/month. That’s less than the overall Austin average of $1,355 a month.
2. Downtown / South Congress / Barton Springs
Number two was Downtown, South Congress, and Barton Springs, with an average rental rate of $2.57. With this average rental rate, an 875 square foot apartment would cost $2,248.75/month. This area is picking back up as restrictions ease so our city and businesses can reopen. This area has numerous bars and restaurants, making it an attractive location.
3. University of Texas, Austin / Mueller
The University of Texas, Austin and Mueller have an average rental rate of $1.94, making their ranking third. An 875 square foot apartment would cost $1,697.50 per month. Mueller is an attractive location for students and those who enjoy a central location. It’s a walkable area, which favors its UT residents.
4. Round Rock / Georgetown
Just north of Austin, Round Rock and Georgetown place fourth with an average rental rate of $1.36. That makes the average unit $1,190, a $145 decrease compared to apartments in the greater Austin area. This area is exploding as Austin’s home prices increase, causing people to move further out. Round Rock and Georgetown are also home to big employers like Dell, Kalahari Resorts, Airborn, and St. David’s Hospital, making it attractive.
5. Pflugerville / Tech Ridge / Wells Branch
And lastly, in number five is the Pflugerville, Tech Ridge, and Wells Branch area. The average rental rate is very similar to Round Rock and Georgetown’s rate at $1.37. An average apartment would cost $1,198.75 per month. It’s an attractive area for those who still want quick access to downtown Austin, but not the downtown prices.
According to the new data released by ApartmentData.com, Austin rents have been increasing since December. The average rent is now $1,442/month. The increase is a couple of hundred dollars since last month and the same time last year. July 2020 rent was $1,278/month and July 2019 rent was $1,311/month.
If you need help finding an affordable apartment in Austin and its surrounding communities, contact us! Or if you need help finding a place to rent or are ready to rent out your place, contact Prism Realty today! We’re here to offer our expertise and help you achieve your real estate goals.