Austin rents lose steam, with second-steepest decline in December among major US metros

Quick Summary:

• Just as it is now a buyer's market for single-family homes in Central Texas, it is also a renter's market in the Austin-area apartment market.
• Rents in Austin dropped 12.5% in December 2023 compared to the previous year, making it the second-steepest decline among metro areas tracked by Rent.com.
• The decline is attributed to an oversupply of apartment units, with Austin having the lowest occupancy rate among 12 Sunbelt markets tracked by MRI ApartmentData.
• The surplus of new units is driving down rents, providing opportunities for renters to secure favorable deals.

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