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Austin's rent jumps higher than almost any other US city as rental costs spike nationwide

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Austin rent prices jumped 35%—more than almost every other city in the U.S.—from January 2021-2022, according to a recent Redfin study.


Austin's average monthly asking rent prices spiked nearly two times higher than the national year-over-year average of 15%. Ten other U.S. cities saw over 30% jumps as well.

Austin saw a bigger jump than every city except for Portland, according to the study, to reach $2,245 in January. It’s a statistic that Austin renters know all too well as rapid growth and a booming housing market price some residents from renewing their leases or moving elsewhere nationwide.

“Moving right now is expensive, whether you’re renting or buying,” Redfin’s chief economist Daryl Fairweather said. “One of the only ways to avoid high housing costs is to move somewhere cheaper, but the list of places that are truly inexpensive is shrinking.

The city’s rental growth outpaced tech hubs including San Francisco (18.8%), New York City (33%), Miami (31%) and Seattle (28.7%.)

Texas cities including San Antonio (15.4%), Dallas (24%) and Houston (12.6%) saw slower growth, while just two cities—Kansas City, MO and Milwaukee, WI, decreased year-over-year.

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