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Rent prices in Austin drop 10% on average from last year: FOX 7 Focus

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Rent prices in Austin drop 10% on average from last year: FOX 7 Focus


If you’re looking for an apartment here in Central Texas, you may be pleasantly surprised to see that rent prices have actually gone down. 

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Austin realtor Olivia Vale with Roots Residential Group joins FOX 7 Austin’s John Krinjak to discuss in this FOX 7 Focus. 

JOHN KRINJAK: So tell us about what we’re seeing here. How big of a drop are we actually seeing in the price to rent an apartment?

OLIVIA VALE: Yeah. So, on average, we’re seeing about a 10% decrease from last year. And keep in mind that over the pandemic, both rents and home prices skyrocketed. And that’s because of supply and demand and, of course, a number of economic factors. Right now we’re getting relief. And we’re at the lighter side of that bubble, which is great news. The caveat here is that not all rent prices are dropping in the same way, in the same locations. So the closer you are to downtown, you’ll see a more robust, healthy rental market when you get further out. Suburbs, new builds. We’re seeing those rent prices come down, whereas, you know, older homes in more established neighborhoods, those are more robust. And we’re seeing, you know, more of a flat level there. 

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JOHN KRINJAK: So from what you’re seeing, what do you think is behind this drop in rent prices? 

OLIVIA VALE: Yeah. So a lot of it is supply and demand. We don’t have the tens of thousands of people moving here, ready to rent kind of anything that they see online before even seeing in person. So, you know, there’s a lot more available. And that goes for when you’re buying a home, too. There’s a lot of availability right now.

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JOHN KRINJAK: All right. So let’s set up two scenarios here. If you’re looking for a new apartment, you’re looking to leave where you are now, find a new apartment. Hopefully, take advantage of some of these savings. What advice would you have for people?

OLIVIA VALE: Yeah, I would say with any apartment hunting, of course, with home buying and selling, you can use a realtor. A lot of people don’t know that a realtor is available for you to use. You don’t have to pay them personally. We get a bit of commission from the landlord. A realtor has years of knowledge about the housing market they can advise you on. You know what a landlord may be looking for and an application fee.

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JOHN KRINJAK: So on the other end of it, if you’re looking, you like your apartment, you’re looking to stay where you are, but you’re looking around and seeing the prices go down. But your landlord wants to keep your rent the same or raise it, and you don’t think that’s fair. What steps can you take there?

OLIVIA VALE: I think that almost unequivocally, across the board, no one should be raising their rent this year. We saw a huge jump in rents this year. You know, we’re actually at a level where rents were in 2021. So if your landlord is raising your rent levels past 2023, you know, that’s a sign to get in touch with the realtor, have them run rental comps on what rental places have closed in your neighborhood in the last six months or so, and then armed with that information, you can go to your landlord and say, look, you don’t have justifiable basis to raise my rent.

JOHN KRINJAK: And I guess the question everyone’s kind of afraid to ask, do you think this is going to continue?

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OLIVIA VALE: I think we’ve kind of leveled off. We can see that rents did go up ever so slightly. Just May, April, May. So I think the adjustment is where we’re kind of over that hump now.

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JOHN KRINJAK: And so we talked a lot about renting, but if you’re looking to buy a home or a condo, are you seeing similar patterns with the real estate market as we are with rent prices? Are those prices coming down too?

OLIVIA VALE: Marginally. So definitely from the highs in 2022, we’ve come down a little bit. If you are a buyer right now, we’re seeing 30% more homes inventory wise than we were last year. So the world is your oyster. If you’re a buyer in Austin, you should be able to negotiate. You should be able to get, maybe points on your mortgage paid by the seller. You have a lot of leverage.

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JOHN KRINJAK: What should you do if you’re a seller? Is it just a bad time to sell, or is it a little bit more nuanced than that?

OLIVIA VALE: It’s a little more nuanced. I mean, everything is so localized in this market, you see huge differences between neighborhoods. So when you’re a seller, you have to adjust your expectations, know that your home is going to be on the market for longer. Do those extra things to your home, spiff it up, make it look great. And then have an experienced realtor give you a fair, realistic idea of what you can actually sell your home for.

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JOHN KRINJAK: All right. Olivia Vale, realtor here in Austin. Olivia, thanks so much for being here. We appreciate you.

OLIVIA VALE: You’re so welcome. Thank you for having me.



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Austin, TX

Storms dump small hail throughout Austin area Saturday

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Storms dump small hail throughout Austin area Saturday


AUSTIN (KXAN) — Small hail peppered the Austin area as strong thunderstorms moved through Saturday.

A few of the storms dropped rain and up to pea-sized hail in San Marcos, Dripping Springs and the Austin metro area.

A Severe Thunderstorm Warning was issued for Williamson County around 8:15 p.m., and then canceled shortly after. However, it was enough for the Two Step Inn music festival in Georgetown to cancel shows for the rest of the evening. Event organizers say the festival will run as planned Sunday.

KXAN’s First Warning Weather team is monitoring the storms. We will update this post as the evening continues.

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Austin, TX

Abbott unveils monument dedicated to Texas Revolutionary War soldiers

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Abbott unveils monument dedicated to Texas Revolutionary War soldiers


AUSTIN (KXAN) — Governor Greg Abbott and the Texas Society Sons of the American Revolution unveiled a new monument at the Texas State Cemetery on Saturday, dedicated to Texas Revolutionary War soldiers.

“We must educate every generation about why it is that America grew from a tenuous 13 colonies into the most powerful country in the history of the world,” said Governor Abbott. “This monument here is an enduring testament to the heroes who fought for the freedom that is unique to America.”

The monument was dedicated to 69 soldiers who fought in the American Revolutionary War and later settled in Texas, according to a press release.

Among those that were honored, Abbott recognized:

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  • José Santiago Seguín, grandfather of Texas Revolutionary hero Juan Seguín.
  • Peter Sides, who fought in the 2nd Battalion of the North Carolina Regiment of the Colonial Army, and was later killed in the 1813 Battle of Medina, fighting for Mexican independence against Spain.
  • Antonio Gil Y’Barbo, the founder of Nacogdoches.
  • William Sparks, who fought as a mounted rifleman in the American Revolution and later settled in Texas. He had two sons and two grandsons who fought in the Texas Revolution.

“This year marks the 250th anniversary of the American Revolution, which not only gave freedom to the British colonies of North America, but inspired movements for freedom and liberty all over the world,” said TSSAR President Mel Oller. “Texans played a role in the war too, and it’s important to recognize them, and the sacrifices they made for our freedom.”

At the monument unveiling, Abbott was also inducted into the Sons of the American Revolution and received its Silver Good Citizenship Medal.



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Austin, TX

Trinket trade boxes on the rise across Austin

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Trinket trade boxes on the rise across Austin


AUSTIN, Texas — Inside a green wooden box mounted to a steel fence, a treasure trove of trinkets awaits. Just a few miles north is another goodie box, this time covered in leopard print and inside a craft studio. Farther east, a simple white trinket box sits mounted on a wooden pole, decorated with stars and a crow saying, “Thanks for visiting!”

These boxes, filled to the brim with stickers, keychains, jewelry, collectibles and more, are known as trinket trade boxes. Austin has seen a sudden surge in these boxes over the last few months, and despite their varying locations, one sentiment ties them all together: trinket trading is a fun way to bring a bit of joy to the community.

“Little things that bring people joy is so important right now, which I think a lot of us can agree with, and I’ve seen all sorts of people use the box so far,” said Anna Arocha, whose trinket box is in The Triangle neighborhood downtown. “Little kids and all the way up to people in their 50s and 60s, I’ve seen stop by.”

Trinket trading operates on a simple system of take something, leave something. People can swap a toy car for a lanyard, a bracelet for a Sonny Angel, or a Pokémon card for a rubber duck.

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“There was somebody who was just walking by with their kid in the stroller, and there was a finger puppet inside of the box, and I saw her swap something out and walk away with the little finger puppet,” Arocha said. “And it was just such a cute moment to see a mom and a kid enjoy something like that.”

Arocha put her crafting skills to work and made her green wooden box in just one day using craft wood and a wine crate last month. Amy Elms opted for a small, white junction box to ensure it could withstand harsh Texas weather. Ani’s Day & Night on East Riverside, which has a large outdoor space for picnic tables and food trucks, gave Elms permission to place her trinket box on their property in January.

Ally Chavez used her own property, Create! Studio ATX on West Anderson Lane, for her leopard-print box that opened in March.

“There wasn’t a ton up here in the north area, so we just kind of wanted to put it together and put it up for the studio just as a way to connect with the community in a way that no one has to spend money,” Chavez said.

Since their debuts, all three trinket boxes have garnered thousands of interactions on social media. When Arocha posted about the opening of her box in March, she racked up 100,000 views on TikTok. But with the excited comments came a bit of negative attention, and her cameras caught a thief trying to take all the trinkets. Arocha now locks the box at night.

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“If somebody wants to do that, so be it,” Arocha said. “We can start over, and if the joy that it brings outweighs that every time, I think it’s worth doing.”

Arocha, Elms and Chavez’s boxes are now registered on a website called Worldwide Sidewalk Joy, alongside all the others in Austin and across the globe, as trinket trading grows to become a kind of new, modern geocaching.

“Honestly, it’s been I think even better than I expected so far,” Elms said. “I’ve had people… visiting Austin from out of town, and they’re making it a stop during their visit. I’ve also had multiple people reach out to me to ask how they can start their own trinket trade box, too, which I really love.”





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