AUSTIN, Texas — Thomas Ingle first noticed it in the fall: rent prices leveling off in West Campus and especially in the Downtown area.
The licensed real estate broker also owns Apartment Pros, a company that helps people find available apartments so he keeps track of rentals on a daily basis.
Ingle said this is the first time in years he has seen rent go down.
"I think development is finally catching up to where the demand has been for the past many years," he said.
Ingle has seen Austin go through different financial times – from the recession in 2008 to its rebound in 2011. Since then, rent has not stopped climbing.
"A lot of people assume every time there's a new luxury property, that means rents go up somehow," he said. "This is bad for the people trying to get something cheaper but the reality is the more places there are, even the nice ones, the more availability there are."
Grey Huffines is a University of Texas senior. He told KVUE'S Jenni Lee about the great deal he got at his place on 23rd Street in West Campus after the demolition of the University Towers on Sunday.
He thinks more development means better deals.
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"It's good because rent will finally go down 'cause now that there's so many buildings ... like my rent last year was like $1,000 and some change and it dropped like $350 because people weren't resigning leases, so that's a great thing," Huffines said.
In Downtown, Ingle showed us an example at The Bowie, where he said a 448-square-foot studio usually goes for around $1,800. But just a couple of months ago, the price for the same space was $1,338.
"We get messages whenever we advertise the lowest rents in around Downtown and people a lot of time don't believe us," Ingle said. "I'll have people messaging me, 'these prices don't exist.' l have to send proof they do."
Ingle said he doesn't know how long rent prices will stay leveled off. So, if you see a good deal, take it.
He said all it takes is for the next Amazon or Apple to come to town and demand is back up again.
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