Texas Apartment Markets Ranked by Rent Per Square Foot

  in   Insights

Of the 10 largest apartment markets in the Lone Star state, the most expensive market by price per square foot might not be the one you’d think. The most expensive Texas market is Midland/Odessa, a boom-bust market heavily influenced by energy prices, which recorded an average of $1.79 per square foot, or about $1,553 monthly in 1st quarter 2019. Midland/Odessa was actually the only Texas market to see average rents per square foot above the national average of $1.52. Austin came in just shy of the national norm at $1.46 per square foot, while Dallas wasn’t too far behind at $1.33. The remaining Texas markets came in under the South region average of $1.27 per square foot. The least expensive Texas market, Lubbock, has an average rate of $0.90 per square foot, which translates to $755 monthly. Midland/Odessa also leads the Texas markets – and the nation – in annual rent growth, as increases in the market were at 15.3% in the year-ending 1st quarter 2019. Houston is the Texas rent growth laggard – and one of the worst in the nation – with a mere 0.1% price climb over the same time period.