Austin Asking Rents Drop 16% in January—More Than Any Other Major Metro—And Are Now $400 Below Their Record High
Redfin reports the
The median asking rent per square foot fell
Rents are stabilizing because the number of available apartments is in sync with the number of people who want to rent those apartments. Asking rents skyrocketed during the pandemic moving frenzy because there weren’t enough apartments to go around, then dipped in 2023 and early 2024 because builders ramped up construction to meet newfound demand. Now, the number of new apartments hitting the market is tapering off, and demand, while strong, isn’t going gangbusters like it was during the pandemic.
“Rental supply and demand are in lockstep, which is keeping rent growth at bay, but that may not last long,” said Redfin Senior Economist Sheharyar Bokhari. “Apartment construction could be further hampered by new tariffs on building materials. At the same time, demand for apartments continues to grow as high mortgage rates and housing prices push homeownership out of reach for many Americans. Rents will tick up if demand starts to outpace supply in a meaningful way.”
In
In
Asking rents are falling quickly in parts of
Rents rose most in
Asking rents are down across all apartment types, with 3+ bedrooms seeing the biggest drop
Asking rents fell across all bedroom counts for the seventh consecutive month in January.
The median asking rent for 3+ bedroom apartments dropped
In
There have been news reports of rental price gouging in the wake of the
To view the full report including charts, methodology and metro-level insights, please visit: https://www.redfin.com/news/rental-tracker-january-2025
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View source version on businesswire.com: https://www.businesswire.com/news/home/20250210797676/en/
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Source: Redfin