Austin Rents Among Fastest Rising in U.S.
It's a tight rental market in the Austin area these days. Photo by KUT NewsAustin has some of the fastest-rising apartment rental prices in the country, according to a new report by the analytics firm MPF Research.
Average rents increased by 6.1 percent over the past year. That was the sixth-largest increase in the country.
“The apartment market has been on fire for the last two years. Investors are trying to build apartments,” said Jim Gaines with the Real Estate Center at Texas A&M University. “Finding suitable sites in Austin can be challenging. It all leads to greater demand for the units and means that rents are going to go up.”
San Francisco was in first place; rents there increased by 12.6 percent.
