Keeping Austin Expensive: Rents Spike in Capital City

Renting an apartment in Texas' capital city keeps getting more and more expensive.

The average rent for all apartments in the Austin area hit $1,190 a month in 2015, a 7.5 percent increase from the year before. The average rent for a 1-bedroom, 1-bathroom apartment in Austin was $1,037 in December.

And the Austin American-Statesman reports that the trend of rising rents is only expected to continue in 2016.

Real estate experts say that leads to sticker shock for people moving to Austin from other Texas cities and outside the state. It pushes many people to Pflugerville, Round Rock and other nearby towns.

Capitol Market Research, which tracks Austin-area rents, estimates a 5 to 6 percent increase in 2016.

Copyright AP - Associated Press
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