Austin rent remains higher than rest of Texas
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There's new evidence it costs more to live in Austin than any other spot in Texas.
Driving the news: A monthly rent of $1,500 can get you a 714-square-foot apartment in Austin, smaller than the national average of 782 square feet, per a new report from listing service RentCafe.
- In Houston and San Antonio, by comparison, you can get a roughly 1,000-square-foot apartment for $1,500.
What they're saying: "Prices are stabilizing and because of all the construction we're definitely seeing a lot more availability than we have the last few years," Anna Barber, an Austin-based apartment locator, tells Axios.
- But the market remains tighter for cheaper options, she says: "Under a $1,000 is harder to find."
The big picture: The rental market nationally is thriving as homes for sale are limited and interest rates are high. Gen Zers are also prioritizing location over home size, Doug Ressler of real estate research firm Yardi Matrix tells Axios.
- Those renters are influencing development in big cities, from smaller floor plans to next-level amenities and conveniences.
- Also, millennials are seeking more space as they age and build families.
Of note: Researchers considered the rent-to-space ratio in buildings with 50 units or more across the 200 biggest U.S. cities.
Yes, but: It's still cheaper to rent than buy in the vast majority of the country, including Austin, a new Redfin report shares.