Courtesy Image / Urban Genesis
The average cost of rent rose 24.3% since last June, according to the report.
The average rent in San Antonio hit $1,501 in June, meaning it had the tenth-fastest growth among major U.S. markets, according to an analysis by online real estate broker Redfin.
Cincinnati, Ohio, was the city with the fastest growth in average rent, posting a 39% increase over the past 12 months. Seattle (up 33%) and Austin (up 32%) ranked as the No. 2 and No. 3 cities, respectively.
Even though the rise in San Antonio-area rents outpaced the national average of 14.1%, the local average is still about $500 lower than that of the U.S. as a whole. What's more, at an average price of $1,501, a family in San Antonio earning $53,420 — the median household for families here in 2020 — is only spending about a third of their income on rent.
In Austin, a family making around $75,000 — the median family income in the state capital — wouldn't even qualify for many rentals since landlords often require a family to earn at least three times the yearly rent. According to Redfin, the average rent there is $2,505.
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