Austin, Real Estate, Downtown, Most Expensive, Condos, Rent, Zip Codes, Texas

It’s true what they say: The rents are too damn high. Three of the top five most expensive ZIP codes in which to rent an apartment are in Austin, according to a new study. Researchers at RENTCafé have compiled a list of the top 50 most expensive ZIP codes in the state to rent an apartment, with Austin figuring prominently on the list. Three of the most expensive areas are in Austin, with the other two in Dallas, according to the findings. 

The most expensive ZIP code on the list is 78701 in the city’s central business district. Renting an apartment in trendy downtown will set you back nearly $2,500 a month, according to researchers—more than twice the $1,063 national average. And that’s even after a 3 percent dip in average rental cost from last year, researchers found.

The downtown sector’s average $2,475 rent for ZIP code 78701 may be the priciest in all of Texas, but adjacent ZIP code 78703 isn’t far behind with the state’s second most-expensive average rent costs at $2,393. The region covers Central Austin neighborhoods, including Clarksville and Tarrytown, forming an enclave of affluence with 78701, researchers noted. 

In fourth place, Austin’s 78705 ZIP code covering University Campus and parts of Hancock, has an average rent of $2,102. That’s a 5 percent year-over-year price gain, while inventory remained unchanged at 5,524 units, researchers found. Bounded by the University of Texas at Austin on two sides, 78705 is home to such swanky developments as University Towers, with amenities that include a rooftop pool and sun lounge, media room and walk-in closets, researchers noted. 

Dallas round up the top five list…

Dallas rounded up the top five list with the 75201 ZIP code, where renters shell out an average $1,907 monthly. All told, Austin had nine ZIP codes in the top 50, according to the research.

Some good news from researchers: The state’s biggest cities are still considered to be affordable - especially when compared to other thriving urban hubs around the country - with average rent in Texas at $1,063, well below the national average.

The top 12 most-expensive ZIP codes in Texas are:

  • 78701, Austin, $2,475
  • 78703, Austin, $2,393
  • 75225, Dallas, $2,188
  • 78705, Austin, $2,102
  • 75201, Dallas, $1,907
  • 77006, Houston, $1,889
  • 75205, Dallas, $1,884
  • 77005, Houston, $1,859
  • 77002, Houston, $1,800
  • 77004, Houston, $1,794
  • 77019, Houston, $1,772
  • 78702, Austin, $1,711

Other Austin ZIP codes on the most-expensive list were: 78704 in the 27th position, with average rent at $1,513; 78732 with $1,486 average rents, 78746 at $1,477 and 78751 at $1,461 in the 31st through 33rd slots, respectively; 78735 in the 36th position, with average rental cost at $1,444; and at 38th, 78738, $1,416; To see the full report, click here

As part of its methodology, data compilation, analysis, and mapping done by RENTCafé utilized rent and construction data provided by Yardi Matrix. ZIP codes with less than 200 rental units and less than 3 properties were excluded from the calculations, as were single-family homes and town homes. The average rents were derived by combining all property types, including studio, -one, and -two bedroom apartments. Average rent prices are as of March 2017.

By Tony Cantu, Patch.com