The Live Music Capital of the World, Austin, TX, has an eclectic blend of music, food, and outdoor adventures. With iconic landmarks like the State Capitol and Barton Springs Pool, Austin embodies Texas charm. The city is home to approximately 975,000 residents, drawing residents from all over.
In Austin, the average rent for a studio apartment is $1,117, while a one-bedroom unit averages $1,434. Whether you're new to Austin or looking for more budget-friendly rentals, ApartmentGuide can help. We've rounded up a list of the 8 most affordable neighborhoods in Austin to rent this year.
8 Affordable Neighborhoods in Austin, TX
From Cherrywood to Parker Lane, Austin offers neighborhoods that cater to various budgets, all priced below the city's average for studio and one-bedroom apartments. Let's explore these Austin neighborhoods and find your perfect place.
1. Cherrywood
2. Parker Lane
3. South Austin
4. North Austin
5. Georgian Acres
6. North University
7. Hyde Park
8. Northwest Austin
Read on to see what each neighborhood has to offer its residents.
1. Cherrywood
Average studio rent: $877
Average 1-bedroom rent: $1,033
Apartments for rent in Cherrywood
Cherrywood is the most affordable neighborhood in Austin, as the average rent for a one-bedroom unit is $1,033. There are many reasons to love living in Cherrywood, from attractions like the Eureka Room and Cherrywood Coffeehouse to green spaces like Patterson Park. If you're looking to taste the city, there are a variety of local restaurants along Manor Road. For renters living in Austin without a car, a few bus lines stop in Cherrywood.
2. Parker Lane
Average studio rent: $1,031
Average 1-bedroom rent: $1,099
Apartments for rent in Parker Lane
Parker Lane is a relaxing area that's just south of downtown Austin. This affordable neighborhood has many attractions, such as Mabel Davis District Park and Country Club Creek Greenbelt. It's also close to several popular areas, like Emo's Austin, Lady Bird Lake, and St. Edwards University. You can also access I-35, which will take you to downtown Austin.
3. South Austin
Average studio rent: $950
Average 1-bedroom rent: $1,100
Apartments for rent in South Austin
With an average one-bedroom rent of $1,100, South Austin is the third-most affordable neighborhood in Austin. South Austin is home to plenty of attractions like Stephenson Nature Preserve and Outdoor Education Center, Williamson Creek Greenbelt, and the famous South Congress area. It's also close to several highways like I-35 and State Highways 71 and 1, making it easy to get around the city.
4. North Austin
Average studio rent: $975
Average 1-bedroom rent: $1,145
Apartments for rent in North Austin
North Austin is the fourth-most affordable neighborhood in Austin. This neighborhood is a great option if you want access to plenty of shops and restaurants. For example, you can easily access The Domain, Great Hills Station, and The Arboretum. North Austin is home to several parks, like Walnut Creek Metropolitan Park, which has miles of hiking and biking trails and a pool.
5. Georgian Acres
Average studio rent: $930
Average 1-bedroom rent: $1,150
Apartments for rent in Georgian Acres
Just about 5 miles from downtown, Georgian Acres is a stellar neighborhood if you want to quickly get to downtown without living there. It's a charming residential area with a few neighborhood parks and restaurants. You can also easily access Wonderspaces Austin, a popular exhibition, and Gustavo "Gus" L. Garcia District Park.
6. North University
Average studio rent: $900
Average 1-bedroom rent: $1,150
Apartments for rent in North University
Next up is North University, the sixth-most affordable neighborhood in Austin. North University is full of history and charm, with tree-lined streets and plenty of apartments for rent. This area is just north of the University of Texas at Austin, so you'll have lots of explore. Make sure to enjoy the outdoors at Hemphill Park, explore the LBJ Presidential Library, or grab a meal at one of the neighborhood restaurants, like Torchy's Tacos. There's something for everyone living in North University.
7. Hyde Park
Average studio rent: $999
Average 1-bedroom rent: $1,259
Apartments for rent in Hyde Park
Known for its quaint Victorian homes and architecture, Hyde Park is the seventh-most affordable neighborhood in Austin. It has a community feel, with plenty of local cafes and restaurants along Duval Street, such as Quack's 43rd Street Bakery and Hyde Park Bar & Grill. You can also check out some of Hyde Park's green spaces, like Shipe Park, or explore the Elisabet Ney Museum.
8. Northwest Austin
Average studio rent: $955
Average 1-bedroom rent: $1,279
Apartments for rent in Northwest Austin
Northwest Austin takes the eighth and final spot on our list of most affordable neighborhoods in Austin. The average rent for a one-bedroom unit is roughly $150 less than the city's average, making Northwest Austin a great option. It's about 10 miles from downtown, so you'll have the best city life without living in the city center. There are a lot of green spaces in the area, like the Pennybacker Bridge Overlook and Bull Creek District Park, where you can hike and explore the area.
Methodology: Affordability based on whether a neighborhood has average studio and 1-bedroom rent prices under the city’s average. Average rental data from Rent.com in March 2024.
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