AUSTIN, Texas — Good news for those who are looking to rent in Austin: prices are easing up a bit, according to a report from Zumper.
The report states that Austin is seeing rent prices normalizing after an influx of new residents that drove rent prices up.
According to Zumper, there was a 4.2% drop in price for a one-bedroom, which makes the median rent $1,600. Median rent for a two-bedroom is also down 3.9% to $1,990 over the last month.
Zumper reported that Austin became a hot spot during what it calls the "Grand Reshuffling." Tech companies moving into the area forced rent prices to spike to $1,720 for a one-bedroom in September 2022.
While rent prices are normalizing, Austin is still considered "Texas's most expensive rental market and will likely retain that spot due to low supply and ongoing interest in its quality of life," according to Zumper.
As for home sales, the Austin Board of Realtors reported that houses were on the market for 84 days in February, as opposed to 28 days last year.
Across the nation, the rental market is slowly inching towards normal. However, there are still high rental prices because of an increase in rental supply, and high-interest rates are keeping people from buying.
According to Zumper, March has seen a 0.2% increase in rent for a one-bedroom.
The top one-bedroom rents are in found in New York City, San Francisco and Jersey City, New Jersey.
Below are the top 10 cities with the highest prices for March 2023:
You can read the full report on Zumper's website.