Another rent decrease
Supply doesn't solve everything, but it certainly helps.
The average monthly rent for an apartment (of any size) in the Austin metro area has dropped to $1,528, according to Zillow. That's down $100 from a year ago and down $160 from two years ago.
Audrey McGlinchy at KUT reports:
“It’s bad for landlords and it's great for tenants,” said Jake Wegmann, a real estate professor at the University of Texas at Austin. “We should be happy about this.”
The cause? A surge in apartment building and a drop in the number of people moving to the area.
“During the pandemic we saw all of this demand and developers said, ‘We need to build,’” said Ali Wolf, chief economist at Zonda, a company that tracks home construction data.
Of course, that certainly doesn't mean prices are low. The average rent is still almost $300 higher than in late 2020, when they started to skyrocket.
