A financial and professional services firm recently released its biennial study of the "Most Expensive Streets" across the United States and Congress Avenue made the list.
JLL looked at 42 streets and found that rent was up just above nine percent collectively since 2013. It also found that mid-sized markets, like Austin, were getting more expensive due to limited construction and growing demand for housing. JLL found rent growth at 14.4 percent in Austin since its last study.
Austin didn't crack the top 10 overall but was very close. It came in at number 11. The study finds that 2015 average full service rent on Congress Avenue comes in at about $48.11 per square foot compared to the market average rent which is $32.59 per square foot.
While that may sound high consider what JLL found is the Most Expensive Street: Sand Hill Road in Menlo Park which is near San Francisco. Average full service rent is $141.60 per square foot compared to the market average rent which is $53.49 per square foot.
The rest of the top 10:
2. Hamilton Avenue, Palo Alto, California
3. Fifth Avenue, New York, New York
4. Greenwich Avenue, Fairfield County, Connecticut
5. Mission Street, San Francisco, California
6. Pennsylvania Avenue, Washington, D.C.
7. Boylston Street, Boston, Massachusetts
8. Avenue of the Stars, Los Angeles, California
9. Royal Palm Way, West Palm Beach, Florida
10. Newport Center Drive, Orange County, California
The other streets in Texas that made are McKinney Avenue in Dallas (14) and Louisiana Street in Houston (15).
To see the full list you can go here (pdf).
To read more about the study you go can go here.