AUSTIN, Texas — On top of inflation and expensive gas in 2022, if you rent your home, you're probably feeling the financial strain. This is particularly true in the Texas capital. 

Rent prices all over the country have skyrocketed since August of 2021. The median national rental price in August last year was $1,650 per month, and in one year's time, the median rental price was $2,110 per month.

According to Dwellsy, a rental company, among the largest U.S. cities, Austin, Texas, experienced the sharpest increase in rent, with rental prices doubling since this time last year.

The rental rate in Austin has seen an 86.3% increase since August 2021. Median rent in Austin in August 2022 was $2,930 per month. In New York City, it was $3,021 per month. 

Austin is also one of the most expensive cities by single-family home rental prices, coming in at No. 8 in the United States.  

Single-family rental homes are 40% more expensive than apartments nationwide. Prices of single-family rental homes are up 36% while apartment rent is up 4.7%.

Dwellsy has Austin at No. 5 on its list of the most expensive large cities for rent. The top four are: 

  1. New York, New York
  2. Boston, Massachusetts
  3. San Jose, California
  4. San Francisco, California

For more information on other cities with increased rent, head on over to the Dwellsy website.