A Comparison of Average Rent Costs in Texas’s Hottest Rental Markets
Is it more expensive to rent a luxury apartment in Houston, Dallas, or Austin?
Where can you get the best deal and where will you need to shell out more to get the same setup?
Let’s find out by checking out the average rent prices for luxury apartments in some of the biggest and trendiest markets in Texas.
The table below features the average rental prices, for different types of luxury apartment units, in 2022, based on the latest data from industry experts. Please note that this also shows:
- The average national cost for each type of apartment, as a general point of reference
- Estimated, not exact, costs that have been rounded to the nearest $10
- Pricing based on standard rentals, not luxury apartments
|Apartment Rent Costs
This data highlights some key findings, including (but not limited to) the facts that:
- The average rent in Austin is generally higher than average rents in Dallas and Houston fo luxury apartments.
- Houston tends to have lower average rent prices for luxury apartments than Austin and Dallas.
- Dallas and Austin rent prices are fairly on par with each other for luxury apartments, with Austin prices just slightly above Dallas rent costs.
- While rents in both Austin and Dallas are greater than the national average rent price, Houston rents typically come in just under the national average for luxury apartments.
These insights into specific Texas rental markets are eye-opening, but they’re not the end of the story. It’s crucial to consider them with certain caveats, including the facts that:
- Dallas, Houston, and Austin are all comprised of several neighborhoods, and rent prices across different neighborhoods within the same metro area can vary wildly.
- Rent prices for luxury apartments will generally be more than the average estimates, and that extra cost does come with additional amenities, conveniences, and comforts (that aren’t offered at standard, non-luxury apartments).
- Several apartment complexes throughout Texas offer move-in deals, special rates during certain times of the year, and other bargains. The average prices mentioned herein do not factor in these types of offers.
When you’re shopping around for a new apartment and you’re comparing rent prices, current apartment rates are just one matter to consider.
Another key factor here is how much rent costs have increased recently. After all, lower rent in a really popular area could skyrocket within a couple of years, especially if you sign a lease that lets your landlord raise the rent periodically.
So, looking at Austin, Houston, and Dallas, where have rent prices surged the fastest in Texas since 2021?
In fact, since August 2021, rent prices in Austin have reportedly skyrocketed by about 86%.
While both Houston and Dallas have also had increasing rent prices over the past 18+ months, cost surges in these areas haven’t been as dramatic. Specifically, since 2021:
- Houston rent prices have increased by roughly 10%.
- Dallas rent costs have increased by about 4%.
Rent prices are just one factor to consider when you’re hunting for your next apartment and you’re trying to decide where to start looking.
From commutes and local schools to costs of living and more, there’s so much that goes into a thoughtful apartment hunt — and you don’t have to take it all on alone.
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