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12-month history
Last updated: October 17, 2026
What the numbers show
December. Asking rents in ZIP 78723 usually run 1.6% below trend in December and 1.6% above it in August, about $61 a month apart at today's median. Based on 10 years of data.
Rent in ZIP 78723 is 5.2% below its high of $2,004 in December 2022, at $1,900 as of September 2026.
Rent in ZIP 78723 changed +1.2% over the year to September 2026. Across the 629 Texas ZIP codes Zillow tracks, the typical change was +1.2%.
From 2019 to 2024, rent in ZIP 78723 rose 25.3% while median household income rose 69.5% ($59,197 to $100,329). Income kept ahead of rent.
Rent in ZIP 78723 is 20.4% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 4 months in a row, and rose in 7 of the last 12 months.
30% of the median household income ($100,329) is $2,508 a month. That covers HUD's Fair Market Rent for up to a 3-bedroom ($2,240); a 4-bedroom is $2,620.
28th cheapest of 37 ZIP codes in Austin.
ZIP 78752, 2 miles away, rents for 25% less ($1,421/mo), about $5,700 a year in savings.
From Zillow's monthly rent index (ZORI) for ZIP 78723. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
Who lives here
ZIP 78723 (Austin, TX) is roughly split between renters and owners, has a median income above the national average, 58.4% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How ZIP 78723 in Austin, TX has changed in 5 years
The median rent in ZIP 78723 in Austin, TX stood at $1,601 in 2021 and currently runs about $1,900, reflecting a 18.7% increase over the period. Local incomes tracked alongside that move, going from a median of $76,535 in 2021 to $100,329 more recently. On paper, paychecks moved up faster than rent, which softens the affordability squeeze versus the 2021 baseline. The population has grown by 5.6% since 2021, moving from about 36,114 residents to roughly 38,129. College-educated residents now make up 58.4% of adults here, versus 50.8% in 2021. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the ZIP 78723 in Austin, TX market of 2021.
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Tips for renters in ZIP 78723
Last updated: October 17, 2026
ZIP code 78723 covers Austin, TX. The median rent here is $1,900/mo as of October 2026. A 1-bedroom rents for a median of $1,490/mo. A 2-bedroom rents for a median of $1,760/mo.
At 23% of local median household income ($100,329/yr), ZIP 78723 ranks as affordable compared to the national benchmark of 30%. Rents have increased 1.2% over the past year.
Frequently asked questions
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How does ZIP 78723 compare to the rest of Austin?
At $1,900/mo, rent takes ~23% of ZIP 78723's median household income ($100,329/yr). The standard benchmark is 30%.
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