A new trend in the rental market is sending prices soaring. Austin brokers say renters’ options are shrinking as apartments are quickly snatched off the market.

"The good listings will go right away. The bad listings will be out there for a month. But there's nothing much that sits out there for a week or two," said broker Susan Albertson of Citywide Realty.

Albertson has been a broker in Austin for more than 23 years. She's seen the new trend in housing.

"They're getting leased out so fast. You could call for availability and by the time you get there it could be leased. They're going very, very quickly," said Albertson.

On Saturday, Albertson showed some available duplexes to a potential renter but the competition is heavy.

"There [are] just that many renters out there. Everybody is renting. People are, I think, scared to buy. I don't think that their house is being foreclosed on, therefore they're moving to an apartment, they're just afraid to buy," said Albertson.

With the growing competition for rental units, prices are going up.

“Prices are skyrocketing. It's crazy what these places are leasing for compared to what they used to lease for,” said Albertson.

In 2002 it was a renter's market. Most properties offered incentive packages like free rent or lower rates.

"It used to be that you could get places for under a dollar a square foot. Now if you find something you know old and not that nice it's probably over a dollar a square foot," said Albertson.

Little luxuries like ceiling fans and updated appliances are driving costs even higher. Analysts predict more competition in the rental market through 2008, but there is usually a break after the summer months.