Austin Rental Market 'Collapsing,' Real Estate Expert Says

A real estate expert is warning that the Austin rental market is 'collapsing' just years after the initial boom during the COVID-19 era.During the pandemic, the numbers of Americans moving to the capital city and Texas in general surged as people sought warmer weather and more affordable living in the rise of remote work.From 2010 to 2020, the Austin metro grew by 33 percent, adding around 567,000 people, and 53,301 moving there in 2020 and 2021 alone, according to the U.S.

At the height of the pandemic in September 2021, Austin's rental vacancy rate was only 3.9 percent, but it's now risen to 9.5 percent.'With so many vacant apartments, and rents that are still overpriced, landlords have no choice but to cut the rent to put heads in beds,' Gerli said.Ultimately, this is good news for renters in Austin, especially as incomes have also grown in Austin over the last five years.

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Short-term rental market growing in Utah, will likely continue as Olympics approachThe short-term rental market is growing in Utah, especially concentrated in particular areas, according to a new report put out by the Kem C. Gardner Policy Ins
Source: KUTV2News - 🏆 281. / 63 Read more »

Chicago suburbs are the most competitive rental market in the U.S., study saysThe study said the unique difficulty finding a place in suburban Chicago was the result of a number of factors, including the growth of hip suburbs, big businesses relocating to the area, and high occupancy rates and slow construction.
Source: cbschicago - 🏆 546. / 51 Read more »