How many renters live in Dripping Springs, Texas?
The City of Dripping Springs has 5,495 people living in 2,044 households.
There are 2,124 renters living in 912 renter households in this City. Renters make up 38.65 percent of the population living in Dripping Springs.
What is the rental market like in Dripping Springs, Texas?
There are an estimated 2,197 housing units in the Dripping Springs area. Of these, 986 units are rental homes, making up 45 percent of the housing market. For every renter household in Dripping Springs, Texas, there are 1 rental units.
What is the vacancy rate for rentals in Dripping Springs?
The rental vacancy rate in Dripping Springs is 1 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.
How many rental units are in Dripping Springs for each bedroom size?
Occupied Rental Units by Size in Dripping Springs
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 33 | 168 | 386 | 279 | 46 |
Occupied Rental Units by Size in Dripping Springs
A large number of apartments in Dripping Springs have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many renter households in Dripping Springs are overburdened by housing costs?
Among renter households in this market, 45 percent have housing cost burden. Further, 16 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.
The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.
How Much Is Rent in Dripping Springs
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,519 to $2,840. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $1,519 |
| One BR | $1,635 |
| Two BR | $1,924 |
| Three BR | $2,470 |
| Four BR | $2,840 |
2024 Fair Market Rents in Dripping Springs, Texas
How many units are rented at Fair Market Rent (FMR) in Dripping Springs?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| Studio | 5 | 15 percent |
| One BR | 150 | 89 percent |
| Two BR | 55 | 14 percent |
Rental Units Below FMR in Dripping Springs, Texas
How many affordable rental units are in Dripping Springs?
There are a variety of federal affordable housing programs serving households in Dripping Springs, Texas including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 86 |
| USDA Section 515 Rural Rental Housing | 14 |
Tracked Units by Federal Program in Dripping Springs, Texas
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Dripping Springs, Texas
Dripping Springs features 14 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Dripping Springs, Texas
There are 228 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Dripping Springs.
Housing Choice Vouchers in Dripping Springs, Texas
On average, Section 8 Housing Choice vouchers pay Dripping Springs landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Dripping Springs.
The maximum amount a voucher would pay on behalf of a low-income tenant in Dripping Springs, Texas for a two-bedroom apartment is between $1,732 and $2,116.
Sourced from federal housing data and AffordableHousingOnline.com research.
