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Austin, TX

As rents across the country go up, Austin prices continue to fall – Austin Monitor

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As rents across the country go up, Austin prices continue to fall – Austin Monitor


Photo by Gabriel C. Pérez/ KUT News

Wednesday, September 11, 2024 by Audrey McGlinchy, KUT

During the pandemic, Austin came to exemplify the story of housing across the country: Prices went through the roof. In 2021, the average monthly rent in the region rose 25 percent. Similar increases happened in cities in California and Arizona.

But that narrative has flipped. As tens of thousands of new apartments have opened in Austin and the rate of people moving to the city has slowed, rent prices have been falling. For more than a year.

According to new numbers from Zillow, Austin is now leading the country in declining rents. But this time few other large U.S. cities are following.

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The typical monthly rent in the Austin metro is down nearly 4 percent compared to last summer. Rents in similarly priced cities – including Dallas, Phoenix and Atlanta – are rising. The average monthly rent in Austin is now anywhere between roughly $1,500 and $1,800.

 

In the early years of the pandemic, demand for apartments rose. Tens of thousands of people moved to the city because they could suddenly work remotely. Meanwhile, some residents already living here decided to leave shared living situations and find apartments on their own.

In response to the demand for housing, rent prices rose at an incredible pace. To builders, this indicated a need and a business opportunity: more homes.

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“A lot of builders … they look at the demographics and they look at the job growth and they look at projections and they say, ‘You know what, this is going to be a good place for me to build,’” Kim Betancourt, vice president of multifamily research at mortgage-backer Fannie Mae, said. “This is what happened with Austin.”

In 2021, local governments in the Austin area issued permits to build nearly 51,000 homes, according to census data. While not every developer that receives a permit eventually builds, this represents a rate of permitting much higher than in other cities at the time.

 

Because construction takes several years, apartments permitted years ago are now opening. At the same time, the population surge that defined Austin in 2020 and 2021 has slowed.

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More homes, fewer new people. Thus, rent prices began to fall last summer.

“It’s that building bonanza that helped to bring costs back down to earth,” Orphe Divounguy, a senior economist at Zillow, said.

Divounguy stressed that “back down to earth” does not necessarily mean more affordable. In 2022, nearly half of all renters in the Austin area lived in housing they could not afford, according to Harvard University’s Joint Center for Housing Studies.

Economists predict that Austin’s falling rents won’t last beyond next year. Because of construction costs, developers are building less than they were just two years ago.

“It’s not gonna last long,” Betancourt said.

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This story was produced as part of the Austin Monitor’s reporting partnership with KUT.

The Austin Monitor’s work is made possible by donations from the community. Though our reporting covers donors from time to time, we are careful to keep business and editorial efforts separate while maintaining transparency. A complete list of donors is available here, and our code of ethics is explained here.

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Austin, TX

Austin weather: City prepares for winter weather

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Austin weather: City prepares for winter weather


The cold weather is here, and the precipitation is on the way. The Austin-Travis County Emergency Operations Center has been activated.

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The artic air is plunging towards Texas.

“We’re expecting a hard freeze at least through Wednesday, Jan. 22, and there’s precipitation that is expected later tonight,” Mayor Watson said.

RELATED STORIES:

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Is Austin prepared for winter weather?

What they’re saying:

“We are prepared,” Austin Mayor Kirk Watson said.

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City and state officials have been busy.

“What our teams have been doing over the course of the last week is restocking, resupplying our resource staging areas, making sure all of our equipment was ready to go,” Texas Division of Emergency Management Seth Christensen said.

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“If you absolutely have to travel, please check official city communications regarding road conditions and any current incidents or road closures. Then, what we do is we suggest that you map out the route that you’re going to take, so that you can avoid areas where there might be black ice that could form like bridges and overpasses,” Mayor Watson said.

Remember the four P’s:

  1. People
  2. Pipes
  3. Plants
  4. Pets

“Please check on seniors and other people that cannot leave their houses, make sure that their heaters are working, make sure that they’re staying warm and that their medical needs, if any, are met,” Travis County Judge Andy Brown said.

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Why you should care:

The expected precipitation is what could make the roads very dangerous.

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“The best thing you can do is stay off the roads unless absolutely necessary,” Mayor Wayson said.

Austin’s Director of Transportation and Public Works said they’ll be treating about 25 percent of the roads in the city.

“The brine solution that will be pre-treating our high priority roadways and elevate structures is very effective at lowering the freezing point of the precipitation,” City of Austin Director of Transportation and Public Works Richard Mendoza said.

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“Don’t assume that because we’re doing what I think is and will be a good job of covering the area, that your specific route is one that got covered,” Mayor Watson said.

What is open and closed in Austin?

What we know:

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Schools, city and county officials are making it easier for people to stay home. Austin ISD has announced they are closed Tuesday, Jan. 21. The city and county offices are closed for those not providing essential services.

Three warming centers at public libraries are open; the Terrazas Branch, Little Walnut Creek Branch, and Ruiz Branch.

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Cold weather shelters are open until at least Wednesday, Jan. 22. The overnight shelter registration happens from 6 to 8 p.m. at One Texas Center on Barton Springs Road.

Capital Metro will not be running after 9 p.m. Monday.

“We want to be sure that we all have a plan and that we’re ready to hunker down as nightfall falls today on Monday night through probably early Wednesday morning,” Christensen said.

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If you haven’t already, sign up for emergency notifications at warncentraltexas.org. 

The Source: Information from interviews conducted by FOX 7 Austin’s Meredith Aldis

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Austin, TX

Winter weather: Central Texas businesses, services affected by possible snow, ice

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Winter weather: Central Texas businesses, services affected by possible snow, ice


Central Texas businesses, organizations and government entities are adjusting their operations due to the arctic blast that’s impacting the region.

The backstory:

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A Winter Storm Warning has been issued from 6 p.m. today, Jan. 20, to 6 p.m. on Tuesday, Jan. 21. This means snow and sleet are possible and could lead to some travel issues overnight. 

FOX 7 Austin’s Zack Shields says that all the pieces of the snow puzzle will come together tonight from midnight to sunrise tomorrow. The highest snow totals will stay east of Austin with 1 to 2″ possible.

Many school districts, private and charter schools, and colleges and universities have decided to close their campuses for Tuesday, Jan. 21 with decisions pending for Wednesday.

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What businesses are impacted?

H-E-B

The Texas grocery store chain says they are temporarily adjusting store hours for the following stores:

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Greater San Antonio area

  • Boerne, Bulverde, Fredericksburg, all Kerrville stores, and all New Braunfels stores will close at 8 p.m. on Jan. 20 and open at 10 a.m. on Jan. 21.
  • All other San Antonio area stores will close at 10 p.m. on Jan. 20 and open at 10 a.m. on Jan. 21.
  • Central Market will close at 10 p.m. on Jan. 20 and open at 10 a.m. on Jan. 21.

Central Texas area

  • Kyle, Lockhart, Luling, and all San Marcos stores will close at 8 p.m. on Jan. 20 and open at 10 a.m. on Jan. 21.
  • Wimberley will close at 7 p.m. on Jan. 20 and open at 10 a.m. on Jan. 21.
  • All other Central Texas area stores will close at regular hours on Jan. 20 and open at 10 a.m. on Jan. 21.
  • Central Market stores will close at 10 p.m. on Jan. 20 and open at 10 a.m. on Jan. 21.
  • Stores in Belton, Harker Heights, Gatesville, Killeen, Temple, and Waco area will operate normal business hours.

For more information, click here.

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What services are affected?

CapMetro

CapMetro services are suspended after 9 p.m. on Monday, Jan. 20. Riders are advised to take final trips before 9 p.m.  Night Owl buses are canceled.

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Due to MLK Day, Rail, UT Shuttles and Express are not in service. 

CapMetro says that it expects service will also be impacted on Tuesday, Jan. 21 and will share updates here.

Central Health and CommUnityCare

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All Central Health and CommUnityCare clinics and offices will be closed Tuesday, Jan. 21.

Central Health and CommUnityCare team members are contacting patients with information about how the weather will impact their appointments. Patients seen by third-party providers will be contacted by those providers.

Central Health Eligibility Services team members are contacting applicants with appointments to reschedule or provide information about how to apply online and over the phone. An announcement on Wednesday closures will be issued Tuesday.

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Central TX VA Health Care System

VA outpatient clinics in Austin, Cedar Park, LaGrange and Bryan/College Station will be closed Tuesday, Jan. 21.

Local VA staff are reaching out to patrons affected by the closures to reschedule appointments either via VA Video Connect (VVC), Telehealth, or in-person appointments.

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All clinics are expected to reopen on Wednesday. All other facilities and services remain open for normal operating hours.

Integral Care

Integral Care clinics, administrative offices, and other non-essential programs will be closed on Tuesday, Jan. 21. Psychiatric Emergency Services, all other crisis services and all residential services are continuing normal operations. 

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Anyone in need of urgent help can call 512-472-HELP (4357), then press 1 for English, then 1 for immediate assistance.

YMCA of Greater Austin

All Greater Austin YMCA centers will be closing all facilities on Monday Jan. 21 at 8 p.m. and expects to reopen facilities at noon on Tuesday, Jan. 21.

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What government offices are impacted?

City of Austin

All City of Austin Parks and Recreation Department facilities will be closed on Tuesday, January 21, except those being utilized as Warming Centers.

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Austin City Manager T.C. Broadnax announced the City will be under modified operations on Tuesday, Jan. 21, requiring critical employees to telework if they are able.

City of Georgetown

City of Georgetown facilities will be closed to the public on Tuesday, Jan. 21, in response to winter weather. Tuesday’s closures include:

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  • Art Center, 816 S. Main St.
  • Animal Shelter, 110 Walden Drive
  • City Hall, 808 Martin Luther King, Jr. St.
  • Council and Courts Buildi,.ng (including Municipal Court), 510 W. Ninth St.
  • Garey Park, 6450 RM 2243
  • Georgetown Municipal Complex, 300-1 Industrial Ave.
  • GoGeo paratransit services
  • Grace Heritage Center, 817 S. Main St.
  • Parks and Recreation Administration, 1101 N. College St.
  • Planning Department, 809 Martin Luther King, Jr. St.
  • Public Library, 402 W. Eighth St.
  • Public Safety Operations and Training Center, Police Records and Fire Support Services offices, 3500 D.B. Wood Road
  • Recreation Center, 1003 N. Austin Ave.
  • Tennis Center, 400 Serenada Drive
  • Visitors Center, 103 W. Seventh St.

Board and Commission meetings scheduled for Tuesday have been cancelled. The Georgetown Executive Airport will remain open.

Solid Waste and Recycling Collection

As of 3 p.m. on Monday, Texas Disposal Systems was planning to collect landfill trash or recycling on Tuesday, Jan. 21. If you are on a Tuesday route, please put your carts out by 7 a.m. as per usual. Residents should leave their cart at the curb until it is collected, as TDS may run late or decide to delay routes until the following day. The Transfer Station, 250 W.L. Walden Drive, will remain open on Tuesday.

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City of New Braunfels

The City of New Braunfels is making operational changes to city services due to the weather:

  • Das Rec will close at 6 p.m. Jan. 20
  • All non-essential City services will delay opening until 10 a.m. on Tuesday, Jan. 21st. This includes City Hall and other administrative offices, Municipal Court, the Public Library, the Westside Community Center, Das Rec, the Civic & Convention Center, and the City Municipal Building.
  • Garbage and Recycling collection will have a delayed start and will resume normal operations when roads are determined to be safe.
  • The Landa Park Golf Course will be closed through Wednesday, Jan. 22 and will re-open on Thursday, Jan. 23 at noon.
  • Restrooms, water fountains, and other similar facilities in all city parks are temporarily closed.
  • The Downtown Advisory Board meeting scheduled for 8:30 a.m. on Jan. 21 has been cancelled and will be rescheduled for a later date.

Travis County

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Travis County Judge Andy Brown announced Travis County’s non-essential offices, services, and facilities will be closed on Tuesday, Jan. 21. 

Essential emergency personnel will continue to report for duty. Travis County employees who have questions about their department can reach out to their immediate supervisor.

The Travis County Commissioners Court voting session scheduled for Tuesday, Jan. 21, at 9 a.m. is cancelled.

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Williamson County

Williamson County offices will be closed on Tuesday, Jan. 21.

The Source: Information comes from various governments, businesses and organizations

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Austin, TX

Texas Cardinal DiNardo retires; Pope Francis names Bishop Vásquez as his successor – OSV News

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Texas Cardinal DiNardo retires; Pope Francis names Bishop Vásquez as his successor – OSV News


WASHINGTON (OSV News) — Pope Francis has accepted the resignation of Cardinal Daniel N. DiNardo of Galveston-Houston and named as his successor Bishop Joe S. Vásquez of Austin, Texas.

Cardinal DiNardo has headed the Texas archdiocese since 2006, and a year later Pope Benedict XVI elevated him to the College of Cardinals. On May 23, 2024, he turned 75, the age at which canon law requires bishops to submit their resignation to the pope. The cardinal is a former president of the U.S. Conference of Catholic Bishops.

Archbishop Vásquez, 67, has headed the Diocese of Austin since 2010. Additionally, he served as apostolic administrator of the Diocese of Tyler, Texas from November 2023 to December 2024.

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The resignation and appointment were publicized in Washington Jan. 20 by Cardinal Christophe Pierre, apostolic nuncio to the United States.

This is a developing story. More to come.



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