1. Cedar Park / Leander / Four Points

The top-ranked submarket has an average rental rate of $1.42 per square foot per month. The average size of an Austin apartment is 875 square feet, which would put a unit in this area at $1,242.50 a month, slightly less than the overall Austin average of $1,335.

Demand in suburban areas was growing pre-pandemic as renters were priced out of the urban core and only accelerated over the past year. "The pandemic really opened the eyes of Austin residents that there's a beautiful city outside of the urban core," said Cindi Reed, vice president of sales and development at ApartmentData.com.

Like the other suburban submarkets on this list, Cedar Park / Leander / Four Points offers a relatively affordable, family-friendly experience in beautiful the Hill Country only a short drive away from central Austin.

2. Downtown / South Congress / Barton Springs

The second-place submarket has an average rental rate of $2.57, which would put an average unit at $2,248.75.

Although the pandemic led residents to migrate out of downtown areas all over the country, demand is picking up as restrictions ease and urban amenities—bars, restaurants and crowds—regain their appeal. "Now that we're opening back up, you're seeing everything go right back to where it was," Reed said.

3. UT / Mueller

The average rental rate in this submarket is $1.94, which would put an average unit at $1,697.50.

The return of students has helped buoy the rebound in West Campus, Reed said. The Mueller development similarly offers a central location and walkability. It also includes a diverse mix of Austin favorites such as Kerbey Lane Cafe, Torchy's and Alamo Drafthouse; plenty of green space; and fewer house parties.

4. Round Rock / Georgetown

The average rental rate in this suburban submarket is $1.36, which would put an average unit at $1,190—or $145 less than the greater Austin average.

Fast-growing Round Rock and Georgetown offer family friendliness, affordability and a small town vibe thanks to beloved institutions such as Round Rock Donuts. But they also benefit from being part of a major metro, with big-time employers such as Dell and Kalahari in Round Rock and AirBorn and St. David's Hospital in Georgetown.

5. Pflugerville / Tech Ridge / Wells Branch

Similar to Round Rock / Georgetown and Cedar Park / Leander / Four Points, the average rental rate in this suburban submarket is $1.37, which would put the average unit at $1,198.75 a month.

These northeastern suburbs also offer small-town charm—the first season of Friday Nights Light was filmed in Pflugerville—and affordability as well as relatively quick access to downtown Austin.