Major cities in Texas among US metros seeing most rent growth since COVID-19 pandemic began (2024)

FAQs

Where do people rent the most in Texas? ›

According to a recent Census Bureau report on “predominately renter” cities, College Station is at number one nationally, with nearly 60 percent of its residents in rental housing. Killeen ranks third at 56 percent. “Texas is a young state in terms of demographics,” says Dr.

The South and Northeast have seen the largest rent increases. Miami, where rents were up 26.2% from a year ago, saw the biggest increase among the 50 largest US cities for the 10th-straight month. Miami was followed by New York, Boston, Chicago, and Orlando.

The Dallas-Fort Worth metro area is the big winner, according to a report from moveBuddha, which measured the number of people looking to move into each city versus moving out in the first half of 2022. Of the 20 Texas cities with the highest in-to-out ratios, eight of them were around DFW.

Renters are seeing their housing costs jump as population increases, strict zoning regulations and rising home sales push up rent prices.

According to Rent.com's July report, the average rent in Texas for a one-bedroom went up just over 30% between 2020 and 2021. In Austin, rent skyrocketed more than 108% year-over-year.

There is not a statewide law that places limits on how much a landlord can increase the rent when a lease is renewed. In fact, Texas law only allows cities to establish local rent control ordinances in certain cases.

Analysis by Redfin showed prices increased by 14.1% over the year in 2021 and 7.45% in 2022. With real wages falling by 1.3% in the last year there is an intense squeeze on purse-strings. California is no exception and has the highest average rent prices in the country.

Which major US city has the cheapest rent? ›

California has more rent-burdened tenants than anywhere in the United States, according to a new report by the O.C. Register. It's more proof that California desperately needs to end statewide rent control restrictions – and allow localities to create new or expanded rent control policies.

The most expensive rental market in the US remains to be New York. The average monthly rent for a one-bedroom is roughly $3,260. This is about a $500 decrease from 2021, however as demand continues to increase prices are likely to follow.

While New York was the most expensive rental market in the U.S. in 2022, San Francisco had held the title for the six years prior, according to Zumper's data.

In general, the most expensive areas to live were Hawaii, Alaska, the Northeast, and the West Coast. The least expensive areas were the Midwest and Southern states. MERIC derives the cost of living index for each state by averaging the indices of participating cities and metropolitan areas in that state.

Rockwall joined the list of cities with populations of 50,000 or more in 2022 with 51,461. New Braunfels crossed the 100,000-population mark in 2022 with 104,707.

Travis County — home to Austin — attracted the largest group of California residents, according to the Express-News data analysis. And it's not just residents leaving the Golden State. According to news channel CBS 13, 153 California companies relocated from California to other states in 2021.

While there's no consensus on what rents will do exactly in 2023 — go up a little, go down a little, or stay flat, according to three forecasts — what's clear is they are expected to return to more normal growth patterns, instead of the unsustainable, record rates seen in 2021 and 2022.

There is no maximum rent increase in Texas since Texas has no rent control laws.

Is housing unaffordable in Texas? ›

“The Gap” report ranks Texas the sixth-worst state in the U.S. for affordable housing. Austin, Dallas and Houston rank third, fourth and fifth for worst metropolitan areas in the country.

The busiest rental and moving period tends to be between the months of May and September. 1 The reason for this is fairly straightforward: A number of life changes tend to occur in these months. Many high school graduates are leaving home for college or jobs.

Your rights as a tenant include the right to "quiet enjoyment," a legal term. This means your landlord cannot evict you without cause or otherwise disturb your right to live in peace and quiet. If other tenants in your building are disturbing you, you should complain to the landlord.

Couple that with the supply chain issues, the influx of high earners moving to the city and increased mortgage rates forcing potential buyers to rent, you end up with rent prices spiking. "Some rental home prices are increasing due to the recent tax increases that we're going to see on investment homes," said Doggett.

Texas courts have held that a landlord may not enter your home unless you allow the entry or the lease gives the landlord specific reasons to enter.

According to Section 91.001 of the Texas Property Code, a month-to-month lease may be ended by either the tenant or the landlord.

Wegmann agreed that ideological factors prevent rent stabilization or rent control ordinances from being passed in the state. “Limiting property tax increases kind of comes across as protecting people from taxes, where rent control comes across as regulating the behavior of business people or landlords,” Wegmann said.

California once again cities topped the charts for the most expensive single-family home rental markets in the country, with Los Angeles, San Jose, San Francisco, and San Diego taking the top four spots with asking rent at $4,099, $3,850, $3,736 and $3,600 respectively.

North Dakota, South Dakota and Iowa are the best states for renters. California, Massachusetts and Nevada are the worst states for renters. Overall median rent ranges from $1,774 to $770 per month in Hawaii and West Virginia, respectively.

The study analyzed the U.S. Census Bureau housing data of more than 300 cities with a population of 100,000 or more and conducted a survey of over 1,000 people from around the country in November. Newark, New Jersey, has the most, with more than 79% of residents renting.

Who is most likely to rent? ›

Renter Demographics. In the under-35 age group, 65% of American households are rented. Meanwhile, in the 65+ age group (senior citizens), 79.3% own a home. The median age of homebuyers is 47 years old, while the median age of renters is 38 years old.

“We have had essentially no new supply of apartments until quite recently so vacancy rates are very low, and that gives landlords a lot of pricing power so they can push rents, and they have to the point where they're beyond record levels.”

The “best” months to rent are between December and March (during the winter). Conversely, the “worst” months are between May and October (during the summer). This relationship held for all cities that we looked at (and for both 1 and 2-bedroom apartment units), regardless of region.

Fort Wayne, Indiana, was named the city with the lowest cost of living for 2022.

Mississippi

Coming in as the cheapest state to live in in the United States is Mississippi with a cost of living index score of 83.3. It also has the lowest average housing costs in the nation at 33.7% below the national average.

The most affordable states in the U.S. are Oklahoma, where the average rent goes for $957/month, Arkansas, where renters pay $987/mo on average, and North Dakota, where the average rent goes for $1,011/mo.

More than 900,000 renter households were evicted from their homes each year. South Carolina experienced the highest eviction rate of any state (6.2 percent) with an average of 26,430 evictions per year. Other states with high eviction rates include Arizona, Virginia, and Delaware.

Where to live in us for $1,000 a month? ›

Texas is actually one of the more affordable states in the country. Compared to national averages, living expenses here tend to be cheaper — though how much cheaper varies based on where you choose to live in the state.

Mississippi is the state with the lowest cost of living in the US, with a cost of living index of 85. This means that the cost of living in Mississippi is 15% lower than the national average. The state has a low cost of housing, groceries, and utilities.

In its report, Niche also ranked the cheapest places to live in the U.S. At the top of the list this year is Brownsville, Texas. Brownsville has been steadily rising in Niche's Lowest Cost of Living ranking over the past few years, placing number six in 2021, number three in 2022 and finally, number one in 2023.

Analysis by Redfin showed prices increased by 14.1% over the year in 2021 and 7.45% in 2022. With real wages falling by 1.3% in the last year there is an intense squeeze on purse-strings. California is no exception and has the highest average rent prices in the country.

Like anyplace else, the cost of living in Texas varies depending on which section of the state you are talking about. The most expensive city by far is Plano: The cost of living here is 31 percent higher than the rest of the state and 21 percent higher than the rest of the country.

Highland Park

The richest city in Texas is Highland Park. An upscale area located in central Dallas, this beautiful neighborhood possesses both a small-town atmosphere and big-city amenities.

Many residents in Northeast states are renters. The company IPX1031 found in a recent report that the highest percentage of renters in the U.S. can be found on the East Coast.

Where do most millionaires live in Texas? ›

Austin is the fastest-growing city for millionaires, according to the 2023 Wealth Report by Henley & Partners. Between 2012 and 2022, the number of millionaires calling Austin home more than doubled to 30,500. A 'millionaire growth rate' of 102% puts Austin at the top of the list.

Southlake was also HomeSnacks' richest city in Texas for 2022. The Tarrant County city wasn't the only North Texas place flaunting its wealth in this study, which considered poverty rate, median household income, unemployment rate, and other factors to come up with the rankings.

Fair Oaks Ranch

With a population of around 9,900 according to the recent census report, this city has become an attractive destination for those seeking luxury living. Known as the wealthiest place in Texas, Fair Oaks Ranch offers its residents fine dining options, top-ranking public schools, and high incomes.

Zoom in: Dimmit County, in South Texas, had the state's highest share of residents in poverty, with 42.6%. Loving County, along the New Mexico border, apparently had the lowest, reporting 0.0% of the population in poverty. The Texas statewide average is 12.9%.

How much does a Hourly Rate make in Texas? As of Jun 2, 2023, the average annual pay for the Hourly Rate jobs category in Texas is $49,401 a year. Just in case you need a simple salary calculator, that works out to be approximately $23.75 an hour.

A: As of May 2023, Niche lists Cinco Ranch, a suburb of Houston, as the #1 place to live in Texas. However, Austin, Houston, and Dallas-Fort Worth have all become top Texas cities to move to, according to PODS moving trends data for 2022 and 2023.

El Paso. El Paso is often ranked as the cheapest place to retire in Texas, but it also gets high marks for the overall happiness rating of its residence. You'll get access to high-quality healthcare, recreation, and cultural attractions.