Rent prices in Austin have been declining steadily over the past six months. In the last two years, tens of thousands of new apartments have been built, while the influx of new residents moving to the city has slowed down. This has resulted in an oversupply of rental units compared to demand. Additionally, there was a significant 17.7% drop in the total number of leases from July 2024 to August 2024. These decreases in leasing activity and rental prices indicate that the Austin rental market is becoming more favorable for tenants. The median rent in Austin is currently $1,659, unchanged from the previous year, and five percent lower than the national average.

Georgetown

In the past three months, the rent prices for one- and two-bedroom apartments in Georgetown have experienced a slight decline. In contrast, rent prices for studio apartments and three-bedroom units have seen a slight increase. This shift is attributed to an oversupply of medium-sized units compared to the lower availability of larger three-bedroom apartments and smaller studio units. As of now, the median rent in Georgetown is $1,662, which remains unchanged from the previous year. This amount is also 5 percent lower than the national average.

Round Rock

Over the past six months, rent prices for all sizes of apartment units in Round Rock have steadily declined. The influx of new residents moving to Austin has slowed, and this, combined with a recent construction boom, has resulted in an oversupply of available units. Currently, the median rent in Round Rock is $1,492. This is 15% lower than the national average.

Apartment Options

Below are some recent listing examples.

MAA South Lamar

• Studio/1ba
• Sq Ft: 703
• Rent: $1,485

DK Riata

• 1bed/1ba
• Sq Ft: 750
• Rent: $1,601

Lenox Grand

• 2bed/2ba
• Sq Ft: 974
• Rent: $1,779

Marquis at Treetops

• 3bed/2ba
• Sq Ft: 1,409
• Rent: $2,315

(Data sourced from Apartments.com)

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