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Rental rates average 88 cents per square foot across the metro area. More than 97 percent of all the area's 87,574 units are full, according to Capitol Market Research, an Austin real estate market research firm. Rents have jumped 21 percent over the past five years making the Austin area the most expensive in Texas and the third most expensive in the South. Many apartments will accept Letters of Guaranty for students. However, some will not.