Apartments in West Congress Austin

Austin:
May Rent Report

Welcome to the May 2024 Austin Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the May 2024 key findings and figures for the Austin rental landscape.

Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Austin and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Austin average rent prices in the chart below.

May Prices: Austin vs. Surrounding Areas

Rent Prices in Austin and Surrounding Areas

Rent prices have increased in Austin over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 5 of the Austin suburbs increased last month. On the other hand, 2 local areas experienced a decrease in the price of a one-bedroom apartment.

More key findings include:

• Rent increased in San Marcos, TX, Pflugerville, TX, Georgetown, TX, Kyle, TX, Buda, TX .

• Rent decreased in Round Rock, TX, Cedar Park, TX.

• 2 suburbs are currently priced higher than the city of Austin.

• 5 suburbs are currently priced lower than the city of Austin.

Data set for Austin and suburbs

Methodology

Each month, using over 1 million Rentable listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.