This Texas City’s Rent Has Increased By 86% In One Year
Yes, an 86% increase in one year. Can you guess which Texas city it is? Probably not too hard if you think about it.
This Texas city, believe it or not, is now one of the Top 5 big cities to pay rent in the nation. No, it's not Houston or Dallas, not even San Antonio, I'm sure you've guessed it by now, it's the capital city of the Great State of Texas, Austin.
While inflation may be the main culprit in most rate increases around the nation, Austin has a different problem, monstrous job growth and they can't build houses and apartments fast enough to keep up. Supply and Demand, simple as that really. Austin is about as diverse as it gets, industry, tech, arts, food, music, and more all located in the heart of the Texas hill country. Add to that the University of Texas and being the political center of the state, makes it a wonderful, vibrant area to live. Then there is the job boom, so many companies moving to the center of the Lone Star State have brought with it tremendous job growth, and huge numbers of families moving here from all over the country.
New data released from Dwelsy.com shows rental prices are up everywhere, with the Top 5 being New York, Boston, San Jose, San Francisco, and then Austin. The rental listing platform allows properties to list for free giving them a tremendous "pool of data that’s more diverse—and more representative of the true rental landscape—than that of pay-to-play listing services," according to the release.
But Wait, There's More:
The crazy thing is, Austin's increase of 86% is not the largest percentage increase in the country, that title belongs to Tucson, AZ, where the median rent has increased by 126% in one year to a stout $1980 per month. Springfield, MO increased by 123%, Anderson, SC went up by 117.8%, and Kansas City, MO-KS increased by 112.4%.
All I'm saying is if you're planning a move to central Texas anytime soon, or maybe sending a student there in the near future (Hook 'Em), you might want to look into getting a roommate, or three, or four.