Wikimedia Commmons / Photos public domain
Dallas was the only other large city in Texas to see rents go up, increasing a meager 0.9%.
San Antonio's reputation as one of the nation's most affordable big cities might soon be a thing of the past, as rents in the Alamo City rose faster than any other big city in Texas last year, according to a recent report.
Between Dec. 2021 and last month, rents in San Antonio rose 5.1%, according to online real estate brokerage Redfin
. That trend is in sharp contrast to other large cities in Texas, most of which saw rents decline over the past 12 months.
In Houston, rents declined 4.6% to an average of $1,745 a month, while in Austin, the cost of renting an apartment dropped 2% to $2,270 a month. Dallas was the only other large city in the Lone Star State to see rents go up last year, jumping a meager 0.9% to an average of $2,131 a month.
Although rents in the Alamo City appear to be on the rise, the average rental cost remains lower than in other Texas cities, costing only $1,456 a month on average.
Even so, with the average interest on a 30-year-fixed mortgage hanging out at around 6.15%, according to the latest data from mortgage lender Freddie Mac
, more people may opt for rentals as opposed to buying homes, leading to a shortage of rentals in the market, driving prices even higher.
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