The top rental markets in Texas are Austin, Houston, San Antonio, Dallas, Waco, El Paso, Fort Worth, and, finally, Amarillo.
The TurboTenant Report includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, security deposit trends and livability score.
Texas Rental Trends:
Texas is the second largest state by population with many prominent cities. With popular and successful industries such as petroleum and gas, jobs in Texas are on the rise, meaning its population is still growing at a fast rate with affordable living for many and great ROIs on investment properties. Here are some highlights from the top rental markets in the Lone Star State:
Days on Market:
The city with the lowest number of days on market is Austin at only 12 days which is close to the national average at around 15 days; Waco holds the highest number of days on market at 94.
The top three towns for the largest amount of leads per listing far surpasses the national average of 38. Here they are:
- Waco – 94 leads per listing
- El Paso – 51 leads per listing
- San Antonio – 43 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Amarillo comes below that with the lowest average rent of $740 for a two-bedroom compared to the highest rent in Texas at $1,650 in Austin.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,400. Texas’s highest median sale price comes above that at $392,000 in Austin and its lowest median sale price is far lower than the national average at $134,000 in both Amarillo and Waco.
Texas’s median income rings in at $48,700 – almost exactly the national average at $48,500.
Security Deposit Trends:
Security deposits have both risen and fallen in Texas cities between 2018 and 2019. With the largest being an increase of 38.97% in Houston at $1,701, and the largest decrease in Amarillo at -36.02% with the current average at around $1,261 – right around the national average for security deposits which is around $1,200.
All of the Texas cities had a livability score higher than 70 with the highest being Austin at 83 and Fort Worth at 81!
Please visit here for our full methodology.
Whether you’ve found the best investment property in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.