Skip to content
HOUSTON – (By Dale King, Realty News Report) – A study by RENTCafé, a national apartment search platform, draws two clear conclusions about major Texas cities:
Rents are relatively low compared with the national average, and they show only modest variation across markets.
“The peak rental season is winding down,” the study notes, “and the average U.S. apartment rent is stabilizing, recording the smallest increase since February — just $2.”
That places the nationwide average rent at $1,472 per month as of August 2019.
Most of Texas’s largest cities remain below that national figure.
In Houston, however, some neighborhoods exceed the national average. RENTCafé highlights Midtown ($1,957), the Museum District ($1,958) and Downtown ($1,998) as the priciest areas.
Overall, Houston’s rental market is notably stable. In August, average rent rose by only $2 to $1,106 — just $10 higher than in August 2018.
Many Houston neighborhoods remain affordable. RENTCafé lists South Park at $600 per month; Heather Glen at $703; and Hidden Valley at $703 on average.
Other budget-friendly neighborhoods include Woodglen Village ($703), Greater Fifth Ward ($721) and Golfcrest–Bellfort–Reveille ($731), where typical asking rents fall well below the city average.
Austin continues to be the most expensive large city in Texas for renters, with an average rent of $1,437 — slightly under the national average. The state capital also recorded the largest month-over-month increase among Texas metros, rising 0.7% (about $10), and the largest year-over-year gain at 6.21% ($84 more than August 2018).
Month-over-month rent changes across major Texas metros have been modest: Austin up 0.7%; Dallas up 0.2%; Houston up 0.2%; San Antonio up 0.4%; and El Paso steady at 0.0%.
Key metro figures for Texas include:
-
Dallas: average rent $1,236, up about $3 since July.
-
Fort Worth: average rent $1,127, following the second-largest month-to-month increase of $8.
-
San Antonio: average rent $1,047, up $4 from July and $43 year-over-year.
The report also finds that many of the nation’s most affordable small cities are in Texas. Three of the five cheapest small communities for renters are in the Lone Star State.
Overall, Toledo, Ohio ($724) remains the least expensive among U.S. micros. Brownsville, Texas ($727), nearly claimed the top spot after a 0.8% dip in rents. Other affordable Texas small cities include Amarillo ($741), where rents rose 0.7%; Killeen ($754); and Independence ($757).
Low rental prices are not limited to Texas: 65% of the country’s largest rental markets have average rents below the national figure.
Chicago experienced several months of rising rents and has moved past the $2,000 mark: the city’s average rent reached $2,007 in August — $105 higher than the previous year.
On the affordable end among large renter markets are Indianapolis ($876), Columbus ($941) and San Antonio ($1,047). Among the priciest large markets, Los Angeles ($2,525) and Washington, D.C. ($2,227) rank just behind Manhattan.
Year-over-year increases remain under $100 in 85% of the largest renter cities. In these high-population markets, average rents rose by amounts as small as $10 (Houston) and as much as $145 (Manhattan, which has an average of $4,272 and is the only large market above $3,000).
The most affordable large cities all posted minimal changes in August, generally around 0.1%. Oklahoma City ($774) remains the least expensive among major cities and ranks eighth among all city sizes. Memphis ($807) and Indianapolis ($876) follow, and Columbus rounds out this affordable group at $941.
Manhattan continues to be the most expensive rental market in the nation. Other top-priced markets include San Francisco ($3,706), Boston ($3,545), Brooklyn ($2,940) and San Jose ($2,790), all averaging more than $2,000 per month.
Sept. 17, 2019 Realty News Report Copyright 2019
