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Austin Rental Market 'Collapsing,' Real Estate Expert Says

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During the pandemic, the numbers of Americans moving to Austin and Texas surged.

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.

 

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