Austin rents have seen a significant decline in recent months due to a massive increase in apartment construction. While rents are still higher than pre-pandemic levels, the influx of new apartments has created increased competition and driven down prices. The Texas Tribune reports on the factors behind the decline, including the city's changing political landscape and the impact on affordability for renters.
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The chief reason behind Austin’s falling rents, real estate experts and housing advocates said, is a massive apartment building boom unmatched by any other major city in Texas or in the rest of the country. Apartment builders in the Austin area kicked into overdrive during the pandemic, resulting in tens of thousands of new apartments hitting the market.
Amid increased competition, landlords fight to attract new tenants and keep the ones they have. That means keeping rents flat or cutting rents to convince existing tenants to renew their lease. For new tenants, it means landlords may offer several months’ worth of free rent in order to convince them to move in.“When you introduce that many new apartments, your rental rates drop due to competition,” said Cindi Reid, the firm’s director. “Supply and demand.
Though rents have dipped, the Austin region’s housing costs remain high. It’s unclear how long the downward trend in Austin rents will last. While nearly 17,000 apartments are under construction, according to MRI data, builders have pulled back on new projects amid the glut.
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