AUSTIN, Texas — Accommodations are needed for the growth of a growing population and an aging workforce.
In the future, they will be needed to provide affordable housing for people with limited incomes and for people on fixed incomes.
The cost of rent for one bedroom apartment on the Acela Express in downtown Austin was $1,400 per month.
That is about $1 a day.
The average apartment rental in Austin is $1.18 per day, according to the American Community Survey, the most recent data available.
The national average is $930 per day.
Austin rents for apartments, condos and townhomes are up 17 percent from their peak last year.
The average rent for a one-bedroom apartment in Austin this year is $849 per month, up 17.9 percent from last year, according the city.
A condo in Austin costs $1 million, down from $1 billion in 2011.
The median rent in Austin for a two-bedroom condo this year was $4,936, up 4.6 percent from $4.4 million last year and down 1.9 from $5.5 million a year ago.
Rents are increasing in other Austin-area cities and in Texas, including San Antonio, Dallas and Houston.
In Austin, a one bedroom condo in a new condominium building with four bedrooms and two bathrooms costs $2,917, up 20.2 percent from a year earlier, according a real estate agent’s report.
A one-bedroom apartment in the same building is $2.5, down 12.7 percent from two years ago.
Austin rents for condos are up 22 percent from the peak in 2016.
Austin-based real estate broker Bob Jones said prices for single-family homes and townhouses are up 11.9 and 10.9, respectively, in the last year of the survey.
In a year when many of Austin’s multifamily units were sold or demolished, he said, the price increases are not so surprising.
“There’s a lot of pent up demand in Austin right now,” Jones said.
The rise in rental costs is not confined to Austin.
Other major cities are seeing their housing prices increase as well.
In Dallas, home prices rose 18 percent last year to $1 1,988 per square foot, the report said.
Dallas rents for single family homes increased 17 percent last month to $2 1,746, the city said.
In Dallas, townhoms are up 14 percent this year to about $2 million.
In Houston, home sales rose 21 percent last June to more than $2 billion, according an online listing.
Sales of multifamily properties rose 19 percent to $3.8 billion, the Houston Chronicle reported.
In Houston, sales of single family houses rose 14 percent to about 5.6 million.
In New York City, sales rose 13 percent last quarter to about 1.7 million.
New York City home sales fell 6.7% in the year through May.
New Yorkers were particularly affected by the housing crisis and rising costs.
The number of people who could afford to rent was reduced from 4 million in 2008 to 2.9 million in 2017, according data from the National Association of Realtors.
“In New York, the shortage of housing led to a decline in home values, which resulted in a decrease in real estate values,” said Laura Vannini, senior vice president for research and analytics at RealtyTrac.
“The shortage of homes for sale also led to an increase in foreclosures and rental defaults.
In particular, many New Yorkers are living paycheck to paycheck, unable to save for a down payment or purchase a home.”
In Washington, D.C., home sales increased 10.6% last year after growing 8.2% the previous year, the Realtor’s Association said.
New York home sales are up about 5% since their peak in 2009.
In Washington, sales in single family properties rose 9.6%, up from 9.3% the year before.
Sales of multifamilies increased 10% last month.
In D.c., multifamily sales were up 9.5% in April and rose another 5.4% in May.
In New Jersey, home values fell 8.5 percent last March and rose 7.5%, according to data from brokerage CBRE Group.
In Phoenix, home valuations were down 4.5%.
Home sales in the Phoenix metro area fell 10.4 percent in March.
In Washington state, home resales fell 6 percent last April to about 3.5 billion, down 8.6 from the same period in 2016, according Realtrials.com.
In that same period, home sale sales fell 5.2%.
In San Francisco, home market weakness is a concern, said Paul Hirsch, chief executive officer at real estate research firm Zillow. Sales