Introverts and personal space lovers may not want to make the move to Austin anytime soon: The Texas capital saw a bigger increase in one-bedroom rent prices than almost any other U.S. city in April, according to a Rent.com report.
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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Samsung might soon be making more moves in the Austin metro.
The tech giant, which made waves as it announced plans to build a $17 billion chip plant in Taylor in late 2021, might be looking to expand in the Northeast Austin area, according to an Austin Business Journal report.
ABJ said the South Korean company is seeking more tax breaks from nearby Taylor and Manor school districts. The company filed documents requesting Chapter 313 incentives related to the breaks Saturday, and ABJ said each district will review the requests separately on Tuesday.
"While we do not have specific plans to build at this time, the Chapter 313 application process is part of our long-term planning to evaluate the viability of potentially building additional fabrication plants in the U.S.," Samsung Austin Semiconductor LLC.'s director of communications, Michele Glaze, told the ABJ.
But Samsung has made headlines for more than just the $17 billion plant: In early 2022, the company caught heat for two separate spills of millions of gallons of wastewater into tributaries near its semiconductor plant.
While no expansion is promised, ABJ speculates that expansions could occur at the 1,200 acre planned Taylor factory or near the chipmaking factory on Austin's East Parmer Lane. Both expansions could bring even more revenue and job opportunities to Samsung's Texas home.
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Austin's home sales were on the decline for the second month in a row as the metro's median home price reached an all-time record of $550,000 in April, according to the Austin Board of Realtors' April report.
While home sales were down 6.2% year-over-year, the five-county metro still saw the second-highest number of sales on record.
Austin was its year-over-year median home price raise 19%, while sales were down 6% in April 2022. (Austin Board of Realtors)
Here's a look at the numbers behind the month's housing report:
- The metro saw 3,280 home sales, 216 short of a record-breaking April 2021
- The median home price grew 19.6% year-over-year to $550,0000
- Active listings jumped 52.5%, causing inventory to rise from 0.3 months to 0.8 months
- The city of Austin has a new all-time median home price record of $640,000
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