The state of the economy tends to impact rental prices for Round Rock apartments, as well as in other Texas communities, and it’s helpful to investigate rental market trends to help you decide whether it’s time to move or whether it’s a good idea to wait on relocation.
Round Rock is a growing community that sits north of Austin, and some brave souls have moved to Round Rock for its slightly more suburban feel and commute into Austin. Round Rock has seen a lot of activity in new construction, as well as experienced a significant increase in population, and the real estate market has become active and healthy.
However, rental prices and single-family home prices haven’t become too expensive for the average renter or family looking for life in a growing community. If you’re thinking about moving to a Round Rock apartment, or you’re exploring options for life outside Austin, here are some details you might want to know about rental prices.
Average Prices for Round Rock Apartments
On average, the price for an apartment in Round Rock is $1,234, according to Rent Jungle, but that price is the average for all rentals of one-bedroom and two-bedroom size. On average, a one-bedroom apartment in Round Rock was $1,023 as of October 2017, and a two-bedroom apartment in Round Rock was $1,317 as of the same time.
Interestingly, the average prices for apartments in Austin aren’t too different from Round Rock with average one-bedrooms costing $1,094 and average two-bedrooms costing $1,396. However, recent market trends in Round Rock suggest that prices are falling, on average, for 2-bedroom and 3-bedroom apartments, but they’re increasing for similarly sized apartments in Austin.
Understanding the current prices of apartments in Round Rock, as well as the general market trends for rental increases, can help you figure out whether your family will be able to afford future increases in rent. Property owners generally increase their rental rates by a small amount each year, but those amounts may vary over time.
Buy a Home or Rent an Apartment in Round Rock?
At a certain point, many families decide to make the jump from an apartment rental to a single-family home. Making that decision will usually depend on several factors like the average price of houses, the available interest rates from mortgage loan companies, and the need for more space or a backyard.
It is easy to find Round Rock apartments with a few bedrooms for somewhere between $1,000 to $1,500, but the average price for a home is $254,400. Since the end of the Great Recession in 2012, housing prices in Round Rock have risen from an average of $160,000 to their current level of $254,400.
Assuming an interest rate of 5.75%, the monthly cost of a house would cost a homeowner $1,484.61. While this price could seem equal to the price of an apartment, it wouldn’t include the costs for items like utilities and homeowner’s insurance.
Enjoy the Friendly Round Rock Apartments at Rocking Horse Ranch
Are you looking for a new home in Round Rock? Have you decided that Round Rock is the ideal community for your family? Our family-friendly and spacious apartment homes are waiting for you and your family to visit. Get in touch today to arrange a tour of your future Round Rock home.