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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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Austin's median home price reached another record as housing sales took another dip in April 2022. (Realty Austin/Facebook)
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
While ABoR president Cord Shiflet said the metro has "far from a healthy number of homes for sale," Austin did see the biggest gain in housing inventory year-over-year since 2017 as the market continues to slowly cool from its pandemic peak.
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