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(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

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(Tito's Handmade Vodka)

Ingredients:

  • 1 1/2 oz Tito's Handmade Vodka
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Directions: Just add Tito's Handmade Vodka and sparkling water to a glass with ice. Top with a squeeze of lime. Enjoy!

(Laura Figi/Austonia)

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