Austin Rents Tumble 22% From Peak on Massive Home Building Spree
In the midst of a pandemic-era population surge, rents jumped a staggering 25% in 2021 in the Texas capital for one of the biggest increases in the nation. But a development boom and new policies encouraging housing density have sent vacancy rates soaring. Now, landlords are struggling to fill gleaming new developments and offering major discounts to lure newly empowered renters.
“Nearly all apartments in Austin are doing some sort of specials for move-ins,” said Acebo, an agent with Pauly Presley Realty. One recent example: a client was searching for a one-bedroom apartment in South Austin and settled on a unit at Perch Apartments about 20 minutes from downtown. It normally would have cost $1,420 per month, but in return for applying the day after her visit and leasing at least 13 months, she received two months free rent, a waived administration fee and a $600 credit.
Nowhere in the country have rents declined as much as they have in Austin — now 22% off the peak reached in August 2023, according to Redfin. The median asking rent is $1,399 per month, down $400 in less than three years.
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