Average Rent in 78723, Austin, TX

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Current Versus Historical 78723, Austin, TX Rents

78723 rentals average $700 for a studio rental to $3,200 for a 4-bedroom rental. The median price of all currently available listings is $2,198, or roughly $2 per square feet.
For the apartment units and housing in April 2024, median rents have fallen substantiallyover the last year. Studio rentals prices have decreased by $361 (-20.81%) year-over-year from $1,735 to $1,374. 1-bedroom rentals prices have decreased by $295 (-16.44%) year-over-year from $1,794 to $1,499. 2-bedroom rentals prices have decreased by $513 (-22.18%) year-over-year from $2,313 to $1,800. 3-bedroom rentals prices have decreased by $417 (-13.76%) year-over-year from $3,028 to $2,611. 4-bedroom rentals prices have decreased by $492 (-13.29%) year-over-year from $3,699 to $3,208. Note that this figure includes all active and rented listings throughout the month.
Month-to-month, seasonality might have a bigger impact than overall trend price changes. Studio rents have gone down by 1.82% this month. 1-bedroom rents have gone down by 6.14% this month. 2-bedroom rents have gone down by 13.61% this month. 3-bedroom rents have gone down by 6.32% this month. 4-bedroom rents have gone up by 0.30% this month.
Beds
Price / Sqft
Apr 2024 Rent 1 Yr Ago Rent (% +/-) 3 Yr Ago Rent (% +/-)
Studio $1.52 $1,374 $1,735 (-20.81%) $1,696 (-18.97%)
1 BR $2.22 $1,499 $1,794 (-16.44%) $1,420 (5.56%)
2 BR $1.54 $1,800 $2,313 (-22.18%) $1,948 (-7.61%)
3 BR $2.03 $2,611 $3,028 (-13.76%) $2,990 (-12.68%)
4+ BR $1.74 $3,208 $3,699 (-13.29%) $2,583 (24.16%)

Historical Rents in 78723, Austin, TX

Studio
1 Bed
2 Bed
3 Bed
4 Bed

Top Cities Near 78723

There are a total of 12 cities nearby 78723. The average rent in 78723 is currently $2,200 per month. A total of 5 cities nearby have an average rent lower than that. Our records show that Canyon Lake, TX, with an average rent of $1,695, is the most affordable city nearby. In contrast, the most expensive city near 78723, Austin, TX is Lakeway, TX. Monthly rents here are on average $3,500 per month.

Let's compare 78723, Austin, TX's rent against other top cities nearby by bedroom size. One bedrooms are about 9.65% more expensive. Two bedrooms in 78723, Austin, TX are about 7.03% more affordable. Finally, rent for three bedrooms are about 24.20% more expensive. Want more information? Check out the top 10 cities out of 12 total cities near 78723, Austin, TX in the following chart.
City Studio 1 Bed 2 Bed All
San Marcos, TX N/A $1,200 $1,550 $1,990
Kyle, TX N/A $1,235 $1,425 $2,000
Hutto, TX N/A N/A N/A $2,195
Cedar Park, TX N/A $1,370 $1,835 $2,200
Leander, TX N/A $1,350 $1,663 $2,200
Georgetown, TX $1,252 $1,250 $1,570 $2,200
Round Rock, TX N/A N/A $1,673 $2,225
Austin, TX $1,149 $1,400 $1,950 $2,250
Pflugerville, TX N/A N/A $1,595 $2,275
Lakeway, TX N/A N/A $2,175 $3,500

Top Neighborhoods Near 78723

There are a total of 9 neighborhoods in or near 78723. Some of these neighborhoods include North University, West University, and Hancock. We've included all of these top 9 neighborhoods in or near 78723, Austin, TX in the following chart.

The average rent for these 9 neighborhoods in or near 78723, Austin, TX is currently around $2,250 per month. A total of 4 neighborhoods have a lower average rent. Meaning, only five neighborhoods have a higher average rent than $2,250. Interestingly, the neighborhoods' average rent is higher than 78723's average rent, which is only $2,198. Out of all the neighborhoods in or near 78723, North University has the most affordable average rent at $1,250 per month. Whereas, at $3,400 average rent per month, Downtown Austin is the most expensive neighborhood in or near 78723. View the following chart for more information.
Neighborhood Studio 1 Bed 2 Bed All
North University, Austin, TX $1,062 $1,250 $2,125 $1,250
West University, Austin, TX $1,325 $1,300 $1,950 $1,750
Hancock, Austin, TX $1,323 $1,500 $1,900 $1,800
Garrison Park, Austin, TX N/A $1,150 $1,695 $1,850
South Lamar, Austin, TX $1,175 $1,748 $2,100 $2,250
Hyde Park, Austin, TX $1,010 $1,195 $1,880 $2,250
North Loop, Austin, TX $1,078 $1,400 $1,900 $2,498
Zilker, Austin, TX N/A $1,900 $2,950 $2,998
Downtown Austin, Austin, TX $1,750 $2,750 $3,525 $3,400

Top Counties Near 78723

There are a total of 9 counties located by 78723, Austin, TX. Some of these counties include Jarrell, TX, Kyle-Buda, TX, and Austin, TX. The average rent for rentals in these counties is $2,250. That's roughly around $1 per sqft. A total of 4 counties have a lower average rent. The county that is the most affordable is Jarrell, TX. It's average rent per month is $1,950. Vice versa, with an average rent of $3,375, Southwest Travis, TX is the most expensive county by 78723, Austin, TX.

In comparison, rent for one bedroom listings in 78723, Austin, TX is 0.95% more affordable than other counties nearby. Finally, rent for two bedrooms in 78723, Austin, TX is 16.32% more affordable than other counties nearby. We've listed all of these counties in the chart below.
County Studio 1 Bed 2 Bed All
Jarrell, TX N/A N/A N/A $1,950
Kyle-Buda, TX N/A $1,235 $1,648 $2,163
Austin, TX $1,149 $1,400 $1,950 $2,250
Northeast Travis, TX N/A $1,657 $1,875 $2,250
Cedar Park-Liberty Hill, TX N/A $1,371 $1,800 $2,250
Taylor, TX N/A $1,759 $1,450 $2,250
Round Rock-Georgetown, TX $1,252 $1,250 $1,625 $2,295
Northwest Travis, TX N/A $1,373 $1,800 $2,695
Dripping Springs-Wimberley, TX N/A $1,350 $2,225 $2,900
Southwest Travis, TX N/A $1,434 $2,083 $3,375

Top Zipcodes Near 78723

There are a total of 39 zipcodes in or near 78723, Austin, TX. The average rent for all of these zipcodes is $2,275. A total of 15 zipcodes have a average rent that is lower than that. The zipcode with the most affordable average rent for apartment listings is 78705, Austin, TX at $1,600 per month. In comparison, the zipcode with the most expensive average rent of $4,950 per month is 78746, West Lake Hills, TX.

Do you need more space than that? Average rent for one bedroom rentals for the zipcodes in or near 78723, Austin, TX is $1,195 per month. Or in other words, $2 per sqft. Meanwhile, two bedroom apartments will cost you an average of $1,775 per month. Which comes out to $2 per sqft. The following chart includes the top 10 zipcodes in 78723, Austin, TX. You can view the average rent breakdown for each zipcode by bedroom size.
Zipcode Studio 1 Bed 2 Bed All
78130, New Braunfels, TX N/A $900 $1,800 $2,150
78613, Cedar Park, TX N/A $1,371 $1,835 $2,200
78704, Austin, TX $1,175 $1,625 $2,290 $2,875
78666, San Marcos, TX N/A $1,200 $1,550 $1,995
78758, Austin, TX N/A $1,550 $1,775 $1,766
78702, Austin, TX $1,273 $1,910 $2,995 $2,995
78741, Austin, TX $1,074 $1,230 $1,795 $2,015
78626, Jarrell, TX $1,252 $1,255 $1,575 $2,200
78701, Austin, TX $1,750 $2,725 $3,500 $3,350
78628, Round Rock-Georgetown, TX N/A $1,188 $1,325 $2,363

Frequently Asked Questions - 78723 Average Rents

What is the average rent price in 78723, Austin, TX?
The average monthly rental price for 78723, Austin, TX apartments for rent is approximately $2,198. This calculation takes into consideration rental listings of varying bedroom/bathroom sizes, building types, and locations.
Do 78723, Austin, TX rent prices drop in winter?
Yes! On average we see a 3.4% drop in rental prices between the peak summer months and the slower winter months. With the added bonus of decreased competition from other renters looking to move, winter is generally considered the best time of the year to find an apartment for rent in 78723, Austin, TX.
How much is a studio apartment in 78723, Austin, TX?
The average monthly rental price for studio apartments is $700 and an average price per square feet of $1.52. There are a total of 3 studio apartment listings currently available for rent in 78723.
How much is a one bedroom apartment in 78723, Austin, TX?
The average monthly rental price for one bedroom apartments is $1,348 and an average price per square feet of $2.22. There are a total of 14 one bedroom apartment listings currently available for rent in 78723.
How much is a two bedroom apartment in 78723, Austin, TX?
The average monthly rental price for two bedroom apartments is $1,548 and an average price per square feet of $1.54. There are a total of 26 two bedroom apartment listings currently available for rent in 78723.
How have rent prices in 78723, Austin, TX changed this year?
Rent prices for rentals in 78723, Austin, TX can fluctuate yearly. Specifically, studio rental prices have changed by -0.21%, one bedroom rental prices have changed by -0.16%, two bedroom rental prices have changed by -0.22%, and three bedroom rental prices have changed by -0.14% year-over-year.
What is a reasonable rent price in 78723, Austin, TX?
A reasonable rent price in 78723, Austin, TX is around $1,758/month. You can search for these reasonably priced rental listings on RentHop.
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