AUSTIN (Talk1370.com) -- A new survey shows that Austin renters aren't alone in thinking that rental prices are on their way up across the area - in fact, the metro area saw the highest increase in asking rent prices of any metro area in the country in February.
Data from real estate brokerage firm Redfin shows that asking rents jumped 40 percent year-over-year in February, according to the firm's monthly rental report. Just behind Austin is Portland, Ore., where renters are seeing a 39% year-over-year increase.
Markets in New York, New Jersey, and Florida, along with Denver, Colo., round out the top ten. Just two markets in the top 50 saw year-over-year declines: Milwaukee and Kansas City.
Redfin says the average asking rent in Austin is $2,308 a month across all rental types.
Not to be outdone, mortgage payments are also on their way up, with the market's median monthly mortgage payment with a 5% down payment now at $2,202, which represents a 42% increase.
Across the nation, the average asking rent is $1,901, up 0.5% since January and 15.5% compared to last year.
“The cost of housing is going up for homebuyers and renters, but it’s going up more quickly for homebuyers,” said Redfin Chief Economist Daryl Fairweather. “That’s because mortgage rates have increased sharply, and will likely continue to do so. When the cost of homeownership increases, many potential homebuyers opt to rent instead, which drives up rental prices. Americans should brace themselves for continued inflation across the board and try to find ways to cut costs."