Austin, Texas, has seen the nation's biggest drop in permits to build multifamily homes as demand has waned partly because residents are finding it difficult to afford rent that soared at the height of the COVID-19 pandemic.This year, the city has seen builders secure 21 permits per 10,000, almost half of the average it recorded between 2021 to 2023, according to real estate platform Redfin.
'There's already a near-record number of new multifamily units hitting the market due to a building boom in recent years, making it difficult for some property owners to find tenants.'Despite Austin's building boom slowing, the Texas capital is still one of the leading cities where builders are securing permits, behind only Cape Coral, Florida.But as those properties are set to hit the market, Austin has seen rent decline substantially, with asking prices down 7 percent in May.