The Lone Star State has seen a boom in population in recent years. And as residents have flowed in, rents have been on the rise in many areas of Texas. Utilizing data released by Zillow, the average rents of multi-family homes, single-family homes, condos, and co-ops were examined. Comparing data from February, 2017 (the most recent available), February, 2016, and February, 2012, analysis of the change in average rent over a one-year and five-year period was conducted in six metro areas: Austin, Dallas-Fort Worth, Houston, San Antonio, El Paso, and Corpus Christi.
The average rent in February of 2012 across the six metro areas was $1,245. This climbed to $1,495 in February, 2016, but dipped to $1,493 in February, 2017. Five of the six metros experienced growth between February 2012 and February 2017. Only El Paso experienced a decrease in average rent over this time frame, decreasing from $1,129 in 2012 to $1,064 in 2017. Across all six areas, the average rental increase was 17.4%, or $1,485 over the five years examined. Over the one year period from 2016 to 2017, the average increase across all six metros was 0.2%. This raised rent $11 on average across the six metros. Only three of the six metro areas saw an increase in rent from 2016-2017. El Paso, Corpus Christi, and Houston experienced a decrease in average rent between February, 2016 and February, 2017.
Looking at the four main metro areas of Austin, Dallas–Fort Worth, Houston, and San Antonio, the average rent in February, 2017 was $1,616. This was an increase from $1,601 in 2016 and $1,287 in 2012. This amounts to an average increase of 25.2% across these metros, or an increase in rent of $1,314 over five years. Over the one year between February, 2016 to February, 2017, Austin, DFW, Houston, and San Antonio averaged a 1.1% increase in average rent, or an increase of $61.
The Texas capital has seen rents increase by more than 32% in the last five years. In February, the average rent residents paid was $1,925. This was 1.3% increase from the average rent of $1,900 in 2016, and a 32.2% increase from the average $1,454 renters paid in 2012. This was the most expensive metro area in the state. It was more expensive than the second-most expensive metro, Dallas-Fort Worth, by more than $330. To learn more about changes in rent in Austin neighborhoods, check out our article on rent in Austin here.
The DFW area saw a 23.3% increase in average rent from February, 2012 to February, 2017. This amounts to an increase in rent of $301. The year over year change between February 2016 and 2017 was 4.3%. In 2012 the average rent was $1,292. By 2016 it had increased to $1,527. This past February, the average rent in the DFW metro area was $1,593. To learn more about changes in rent in DFW neighborhoods, check out our article on rent in DFW here.
From February, 2012 to February 2017, the Houston metro area experienced a 23.6% increase in average rent. This amounts to an increase of $303 to the average rent. From 2016 to 2017, the average rent decreased 3.9%, saving renters an average of $64. In 2012, the average Houston resident paid $1,283 in rent. By 2016 the average rent increased to $1,650, making it the second most expensive Texas rental market on average behind Austin. In February of this year the average rent decreased to $1,586. To learn more about changes in rent in Houston neighborhoods, check out our article on rent in Houston here.
In February, 2017, the average rent in the San Antonio metro area was $1,361. This was an increase of 21.5% from February, 2012, and a 2.6% increase from February, 2016. In 2012, the average rent was $1,121. This average increased $206 in 2016 to $1,327. It increased an additional $34 in 2017, bringing the average rent to $1,361 in February. To learn more about changes in rent in San Antonio neighborhoods, check out our article on rent in San Antonio here.
El Paso was the only metro area studied to experience a decrease in rent over the last five years. Between February, 2012 and February, 2017, El Paso experienced a 5.8% decrease in average rent, a decrease of $65. In the one year period between 2016 and 2017, the average rent decreased $27, or 2.5%. In February, 2012, the average rent was $1,129. In 2016, this had decreased to $1,091. The area saw the average rent decrease to $1,064 in February, 2017.
The average rent in Corpus Christi has increased 21.5%, or $236, between 2012-2017. The average rent in February 2012 was $1,193, while this past February, the average rent in the area was $1,429. Between 2016-2017, Corpus Christi did see a decrease in average rent of 3%. It fell from $1,473 in February, 2016 to $1,429 this year.