AUSTIN, Texas — Austin's rent prices are on the decline, according to a new report from Realtor.com.
The report states that from May 2023 to May 2024, Austin's average rent prices decreased by nearly 10%. Apartments in the Texas capital are 9.3% cheaper this year compared to last spring, marking the most significant decrease not just in the southern or western portions of the U.S., but throughout the entire country.
According to the data, Austin's average rent this May was $1,400 for zero to two bedroom apartments. For comparison, the national median price was $1,700 when factoring in the top 50 largest U.S. metros, for an overall decrease of approximately 0.07%.
A two-bedroom apartment averaged out at $1,900 while a one-bedroom was roughly $1,600 and a studio space was just more than $1,400.
Austin's rent prices have likely lessened because of the city's sturdy labor market and additional rental supplies, the report stated.
Not far behind the capital city is Nashville, with an 8.3% drop, and San Antonio, with an 8.2% decline.
Meanwhile, markets in the Northeast and Midwestern parts of the country saw an increase, including Indianapolis, at 4.4%, and Milwaukee, at 4.3%.
Still, the median U.S. rent is still only 1.4% lower than it was during an increase back in 2022. As customer costs have risen, rent prices have been reflected in this.
Austin and San Antonio aren't the only Texas cities on the list. Other metro areas include Dallas-Fort Worth-Arlington, with a 3.7% dip, and the Houston-The Woodlands-Sugarland area, with a 3.2% drop.
To learn more, read Realtor.com's full report.
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