Earlier this year, experts predicted Austin renters would continue to pay steep prices, but a new report shows rents in the metro have dipped by 7%.16% decline nationwide in permits issued
However, permitting is just a part of the process. The report shows that despite a slowdown in permits being issued, completions are still rising as construction times get longer. In 2022, the average time for a multifamily project to be completed took 17 months. New zoning initiative aims to let developers build higher in Austin in exchange for more affordable housing
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