Thanks to a construction boom, the city is no longer the most expensive housing market in Texas.
Rent prices in Austin, Texas have declined for a 19th straight month amidst a national housing crisis, reports Joshua Fetcher in Governing. “Surrounding suburbs like Round Rock, Pflugerville and Georgetown, which saw rents grow by double-digit percentages amid the region’s pandemic boom, also have seen declining rents.”
Experts attribute the drop in housing costs to a “massive apartment building boom” that brought tens of thousands of new housing units to the metro area. However, “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.”
Skyrocketing costs during the pandemic led to a shift in policy, enabling zoning reform that allowed for more construction. However, rents remain roughly 17 percent above pre-pandemic levels, and almost half of the region’s renters spend more than 30 percent of their income on housing.
Landlords are also filing evictions at a higher rate than before the pandemic, and the number of unhoused people in Austin grew in 2024.
FULL STORY: After Skyrocketing, Rents in Austin Have Dropped 19 Straight Months
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UCLA Lewis Center for Regional Policy Studies
Mpact (formerly Rail~Volution)
Chaddick Institute at DePaul University
City of Piedmont, CA
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research