The 18 Most Affordable Neighborhoods for Renting in Austin in 2019

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One of the most important decisions when you move to a new city for work is whether you should rent an apartment or buy your own home. Of course, this decision depends on a number of factors such as your financial situation, for how long you plan to stay there, whether you are married or single, whether you have children or not, and your personal preferences.

While all these factors vary from one person to the next, there is one objective indicator which should also guide your choice of renting vs. buying. This is the price to rent ratio in the real estate market you are moving to.

The price to rent ratio is a fancy name for a simple concept in real estate. The ratio measures the average property price in the local housing market divided by the average annual rent.

If 2019 is bringing you to Austin, TX and you are wondering how to settle your living situation, you should know that the price to rent ratio in the Capital of Texas is high, which means that you are better off renting an apartment rather than buying a home. To be specific, according to data from Mashvisor, a real estate data analytics company, the price to rent ratio in Austin in January 2019 is 23.

How Do Rents Look in Austin in 2019?

Now that we’ve resolved the matter of renting vs. buying in Austin, it’s time to look at rents in the city. Mashvisor’s data shows a significant variation in the rental rates in the Capital of Texas. Rent is the lowest in the Hyde Park neighborhood, at $880 per month. Meanwhile, the neighborhood with the highest rental rate is Barton Creek, at $2,680, which is 3 times the level in Hyde Park. This is a major difference for someone on a budget, as most renters are. The average rent you can expect in Austin in 2019 is $1,950.

There is another factor which makes Hyde Park an excellent location for renting an apartment: namely, the high Walk Score of 78, which exceeds the city-level average score of 49, according to Redfin. At the same time, the Barton Creek neighborhood has a Walk Score of only 2, which means that residents will need to spend a significant amount of money on public transportation or own a car. Since most renters have a relatively limited budget, this option is suboptimal.

Of course, Hyde Park and Barton Creek are not the only neighborhoods in Austin which renters should consider. Following is a list of the most affordable neighborhoods to rent an apartment or another property in the Capital of Texas.

The Neighborhoods with the Lowest Rental Rates in Austin, TX in 2019

Neighborhood Average Monthly Rent for Traditional Rentals Walk Score
1 Hyde Park $880 78
2 St. Johns $1,330 66
3 North University $1,360 84
4 Windsor Hills $1,420 41
5 Georgian Acres $1,460 54
6 MLK $1,490 25
7 Windsor Park $1,560 58
8 Garrison Park $1,590 51
9 Montopolis $1,600 48
10 Coronado Hills $1,610 37
11 North Burnett $1,620 38
12 Southeast $1,640 1
13 Wells Branch $1,640 31
14 West Gate $1,670 37
15 University Hills $1,690 57
16 Johnston Terrace $1,730 40
17 Highland $1,820 64
18 Gateway $1,840 59

Data: Mashvisor, January 2019

So, these are the 18 neighborhoods in Austin, TX which offer a rental rate below the city average of $1,950.

Everyone who has ever looked for an apartment to rent knows that finding a good rental property at an affordable price takes a lot of time and efforts. This is particularly the case in metropolitan cities where you don’t even know where to start the search process because of the numerous opportunities and the widely varying price ranges. If you are looking for a rental apartment in Austin, now you know where to start depending on your budget and transportation options. To find the best apartment to rent in Austin this year, click here. Also, if you’re looking for homeownership resources, check out some property tax guides here.