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Austin's one-bedroom rent has more than doubled—a 112% increase—from April 2021 to 2022, the report said. Only Oklahoma City saw a higher year-over-year increase with a 133% jump.
Austin also had the fourth-highest increase in two-bedroom rent, with a 50% increase in the past year. The city joined a nationwide trend where rents were up 8.3% year-over-year across the U.S, a trend exacerbated by a 6.2% increase in inflation in the same time period.
But "not everyone is experiencing inflation the same way," Redfin Deputy Chief Economist Taylor Marr said in the report, and a brunt of the load has gone to cities with more move-ins. While over 90% of state rental markets increased in the last year, that jump was seen most in Sun Belt states, including Texas, Arizona and Florida.
Even with breakneck increases in rent, however, Austin's rent prices still haven't cracked the top 10: the city's one-bedroom apartments are the 12th most expensive in the nation with an average price of $2,918. Meanwhile, its two-bedrooms fall behind Texas cities Frisco, Dallas and Plano and come out 34th on the list with a $2,302 average monthly rent.
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