Austin is officially on the map—more and more influencers, celebrities and companies are making Austin home every day. However, the capital city's globalization comes with a hefty price: the biggest national rent increase in the last decade.
A recent report from Zillow showed that over the last decade, Austin's rent jumped higher than any other city in the U.S.
The report showed how much renters have spent on housing from 2010-2019, cumulatively $4.5 trillion nationwide. In 2019 alone, Americans spent $512 billion on their rent bill and have seen on average a 50% increase.
Austinites spent more than $2 billion on rent in 2010, which jumped to more than $4 billion in 2019, a nearly 93% increase. Though that figure may not seem like much compared to New York City's $56 billion or Los Angeles's $39 billion in 2019, Austin's situation is worse than it sounds.
With each Austin departure, the city gains one-and-a-half new residents and has been seeing an incline even during a pandemic; Austin was called a "magnet" for jobs by the Wall Street Journal earlier this year.
Despite ranking as the 35th biggest market, Austin ranked 22nd in highest rent paid, meaning high rent prices are compensating for a smaller market. Though it could be worse—Austin was sandwiched between Sacramento, California and Portland, Oregon, which both have smaller populations.
As the city gains new people and places each and every day, experts have said this growth is not likely to slow down from the more affordable to the more luxurious. In fact, homes in Austin are more desirable than ever. Austin is experiencing a shortage in homes on the market, including multi-million-dollar homes desired by celebrities.
More on housing:
- Austin rent rates drop while homeownership soars - austonia ›
- 'Tables have turned' in the Austin rental market, with fewer ... ›
- Austin sees rent drop amid COVID, a rare boon to tenants - austonia ›
- A peek inside 7 of Austin's most elite condominiums - austonia ›
- Austin leads U.S. tech hubs in post-pandemic rent rebound - austonia ›
- Austin rental market continues post-COVID recovery in June - austonia ›
- Austin tops Texas cities for rent growth in 2021 - austonia ›
Show your love for Tito's and for the community this year with a wide selection of not that ugly, uglyish, ugly, uglier, and ugliest holiday sweaters.
There's lots choose from, and plenty of accessories like scarves and socks, plus gear for your dog, too.
All of the items can be purchased online or at the Love, Tito’s Retail Store in Austin, TX. 100% of all net proceeds from online or in-store purchases go to one of the nonprofits we’ve teamed up with.
🗓 All weekend
Check out this highly anticipated art exhibition with illuminated art along Waller Creek. Tickets are free and the event includes food vendors, dazzling lights, live music, and hands-on activities
All weekend 6 p.m - 10 p.m | 📍Waterloo Park
This iconic holiday tradition lights up for the first time this holiday season starting this weekend! Reserve your spot for an enchanting light and sound performance, delicious hot cocoa, sweet treats, and some overall fun with your friends or family. The show runs till January 6th.
6 p.m and 9 p.m | 📍Mozart's Coffee Roasters - 3825 Lake Austin Blvd, Austin, TX 78703
This fitness event is free and open to the public. Get your morning started right with a "Fitness in the park" class for kickboxing! The class will be led by certified instructors and is a great way to get a cardio workout in while also honing your self-defense skills.
10 a.m - 11 a.m | 📍 Metz Park
Support local LBGTQ+ and female artists at this outdoor market with over 150 vendors. Get your holiday shopping out of the way at this event, with vendors for food trucks, handmade goods, raffles, hands on workshops and activities, and more.
Did someone say cheese?! If you're like me and always willing to get your hands on a bowl of mac and cheese, then this event is for you. Check out the Mac and Cheese festival happening this weekend to decide which vendor has. the best mac and cheese for yourself, and enjoy the bar with creative cocktails while you're at it. Tickets start at $45.
11 a.m - 3 p.m | 📍Lantana Place - 7415 Southwest Parkway