03-05-2025
Study: Austin sees drop in rent prices compared to 2024
AUSTIN (KXAN) — A recent study showed the rent prices in Austin dropped when compared to 2024, and the city took the No. 2 spot for where rent decreased the most in the U.S.
SmartAsset, a financial technology company, said it ranked 100 of the largest U.S. cities based on the percentage change in average rent prices for all homes between February 2024 and February 2025.
So far in 2025, six of the 100 cities saw a decrease in rent, including Austin.
Austin still leads in multi-unit permitting as nation falls to below pre-COVID levels
Aurora, Colorado, had the largest relative annual drop in rent at -3.05%, but Austin followed closely behind with a -2.34% drop in rent between 2024 and 2025, according to the study.
SmartAsset said the average rent in Austin in 2024 was $1,684, and the current rent has dropped to $1,644.
While the decrease seems hopeful, the average rent in Austin has increased significantly since 2020. SmartAsset said that in 2020, rent in Austin was $1,413, meaning the five-year change in average rent has increased by 16.35%
Plano, TX (No. 5 in US)
One-year change in average rent: -0.18%
Average rent, 2025: $1,753
Average rent, 2024: $1,757
Average rent, 2020: $1,384
Five-year change in average rent: 26.68%
San Antonio, TX (No. 6 in US)
One-year change in average rent: -0.08%
Average rent, 2025: $1,412
Average rent, 2024: $1,414
Average rent, 2020: $1,181
Five-year change in average rent: 19.59%
According to SmartAsset, data in the study was collected by utilizing Zillow's Zillow Observed Rent Index (ZORI), and it represents the average for all homes, including multifamilies, for 100 of the largest U.S. cities.
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