Austin's rental market is experiencing a shift as a surge in apartment construction leads to falling rents. After reaching record highs during the pandemic, rents in Austin and surrounding suburbs have begun to decline, driven by increased competition among landlords. While rents remain high compared to pre-pandemic levels, the trend reflects a change in the city's housing landscape.
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On average, builders in the region obtained building permits for 957 apartments for every 100,000 residents between 2021 and 2023, a Texas Tribune analysis ofshows — far outpacing the country’s other major metropolitan regions. Among Texas’ major metros, the San Antonio-New Braunfels region came closest with 346 new apartments permitted per every 100,000 people during that same period.
One result of the city’s falling rents: Austin’s no longer Texas’ most expensive major city for renters. The region’s population and job growth slowed as apartment building took off. As Fort Worth overtook Austin to Austin rents sit about 17% above pre-pandemic levels, Zillow figures show. Nearly half of the Austin-Round Rock region’s renters are “cost-burdened,” according to— meaning that they spend more than 30% of their income on rent and utilities, leaving less money in their pockets to spend on other essential needs like groceries, clothes and transportation.
RENTAL MARKET AUSTIN TEXAS APARTMENT CONSTRUCTION HOUSING COSTS PANDEMIC
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