Never miss a story
Sign up for our free daily morning email...
...and afternoon text update
×
becomeMemberIcon

become a member

(Peter French/CC)

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 housing market continues to break sales price records—but record-low inventory could spell trouble

Popular


Ingredients:

  • 750 ml Tito's Handmade Vodka
  • 16 oz strawberries

Directions: Drop sliced strawberries into glass container filled with Tito's Handmade Vodka. Let sit in the refrigerator for 5-7 days. Once desired flavor is reached remove fruit. Enjoy!

First score made by LAFC. (Sonia Garcia/Austonia)

Austin FC couldn't find the stamina to fight off a 2-0 loss against LAFC for their inaugural match on Saturday.

The match, which saw No. 21 Austin FC go head-to-head with No. 2 LAFC in Los Angeles, was broadcast nationally on FOX and FOX Deportes.

Keep Reading Show less