Want to live in luxury in Texas? It will cost you more in Houston than in Dallas or Austin.
A high-end apartment in Houston costs about $1,448/month, RentCafé reports, using data from Yardi Matrix. In Dallas, the average is $1,428, and in Austin it is $1,432. Houston and Dallas have the same spread between high-end and low-end multifamily offerings: $490. Austin’s gap is smaller; residents only have to fork over $371 more to make the quality leap in the capital.
The cost of living in Texas is still lower than much of the U.S. The national average rent in a high-end building is $1,640/month.
Dallas may overtake Houston soon for priciest apartments. Its luxury rents have increased 7.4% in the past three years. Austin’s have risen 6.7%, while Houston’s are only up 1.8% since 2015.
The amount of multifamily supply coming online is expected to drive apartment rents down across the nation. Most of the multifamily projects that delivered in 2017 were high-end apartments. Dallas and Houston are among the top 10 cities in the nation with the most apartment inventory scheduled to deliver this year. New supply is expected to level off in 2019.