AUSTIN, Texas — Austin's rent increase year-over-year ranked second nationally, according to data released by real estate brokerage company Redfin.
The Lone Star State's capital saw a 35% increase in average rent prices between January 2021 and January 2022, the report stated. The only city in America with a higher percentage increase was Portland (39%). Redfin reported that the average rent in Austin in January 2022 was $2,245.
Every metro area ranked in the top 10 had an increase of 30% or higher. The Redfin report says average monthly rent in the U.S. rose 15.2% year-over-year to $1,891 in January, the highest increase since February 2020.
Only two of the nation's top 50 metros on the list saw decreases in average year-over-year rent prices: Kansas City and Milwaukee, both with 4% declines.
“Moving right now is expensive, whether you’re renting or buying,” Redfin Chief Economist Daryl Fairweather said in a release. “One of the only ways to avoid high housing costs is to move somewhere cheaper, but the list of places that are truly inexpensive is shrinking. Rising mortgage rates are squeezing more Americans out of the for-sale market, which will likely put increasing pressure on rents in the coming months.”
To look at the full Redfin report for January 2022, click here.
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