My money is on Austin. Low taxes, reasonable rents, plenty of culture (SXSW, "Keep Austin Weird", lots of nightlife, etc.), and a history of tech seems like the perfect combination.
Rent has doubled for most of the area over the last 5 years. In my dismay a few months ago, I did some research into buying a place but quickly came to the same conclusion as the author.
I just did a quick look around my area over on Zillow. A condo comparable to my apartment (townhome style, 2-car garage, similar sq ft / bedrooms, location, etc) is still listed for 23 times my current annual rent, even though rent went up 15% last year. I'm renting for 4.3% the price of an (old!) condo. Anyone who thinks this is sustainable is going to be in for a surprise.
[edit: rent calculations annual...]
If your monthly rent is 0.4% of current value, then over 12 months you'd pay a total of 4.8% of current value.
So more than half (3 / 4.8) ie most of your rent paid would be going to pay the property taxes alone.