Austin among metros in the US with steepest rent declines

AUSTIN (KXAN) -- Housing affordability has been a persistent challenge in recent years — for homebuyers and apartment renters alike.

And in 2023, renters in the Austin metro saw some of the steepest declines in rental rates in the entire country, according to Rent.com's December market report. The median rent in Austin last month clocked in at $1,985, a 12.5% decrease from the $2,270 the service reported in December 2022. Of the 50 largest metros in the country, only Salt Lake City saw a greater year-over-year decrease in rental rates with an almost 21% decrease.

Data from RealPage Inc. came to a similar conclusion. As of November, the Austin area ranked No. 2 in the nation for percentage declines in rental rates, according to RealPage data. The average monthly asking rent in Austin in the third quarter was $1,608, down from $1,653 in the second quarter, according to the data.

One factor pushing rents down is an increase in supply causing markets from coast-to-coast to become less competitive, and it's a trend that's expected to continue.

Read the full story at Austin Business Journal.