Austin, TX

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

Published

2 years ago

September 11, 2024

Press Room

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.

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.

“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.

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.

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 named No. 1 coffee city in the U.S.

Published

6 hours ago

April 15, 2026

Press Room

Austin named No. 1 coffee city in the U.S.

AUSTIN, Texas — Culinary magazine Food & Wine named Austin the top U.S. city for coffee in the nation.

The city seems to have a coffee shop on every corner, with some operating out of unique locations.

Mercado Sin Nombre in East Austin brings a Mexico City street vibe with cempasúchil flowers and other colorful decor, a Coca-Cola brand menu sign and milk crates doubling as tables. Walter’s Tavern on South Congress Avenue operates out of a historic Victorian home and A Hole Coffee literally serves drinks out of a hole in the wall.

From creative concepts to beloved classics, shops like Leona, which recently opened in Sunset Valley, Desnudo — serving up masterful lattes with ingredients like miso paste and fruit purees — and Cherrywood Coffeehouse are some of the city’s most popular haunts for a cup of joe.

“The sheer variety of cultural influences, creative drink options, and accompanying food choices make Austin’s one of the most vibrant coffee scenes in the country,” Food & Wine said.

See the magazine’s full list below.

Top 10 U.S. cities for coffee, according to Food & Wine:

Austin
New York City
Los Angeles
Chicago
Seattle
Miami
Honolulu
San Francisco
Boston
San Juan, Puerto Rico

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Austin, TX

Man charged with murder in connection with deadly East Austin shooting

Published

19 hours ago

April 15, 2026

Press Room

Man charged with murder in connection with deadly East Austin shooting

AUSTIN, Texas – A man was charged with murder in connection to a deadly East Austin shooting last week, police said.

This is the Austin Police Department’s 20th homicide of the year.

What we know:

Police said on April 10, around 8:40 p.m., officers responded to a call of a shooting at the Cabana Club at 5012 East 7th Street.

When officers arrived, they found a victim, Richard Barr, with gunshot wounds to his body. He died from his injuries.

The investigation showed there had been a fight in the parking lot outside the club that escalated into the suspect, 21-year-old Ryan Lara, shooting Barr in the back.

Barr had been moving away and across the parking lot from Lara when he was shot. Police said Lara had also shot two other people in the group. They were taken to a local hospital for their injuries. One victim remains in critical condition while the other victim was released.

Ryan Lara, 21 (Austin Police Department)

Lara was charged with murder.

Anyone with information is asked to contact the Austin Police Department at 512-974-TIPS. You may submit your tip anonymously through the Capital Area Crime Stoppers Program by visiting austincrimestoppers.org or calling 512-472-8477. A reward of up to $1,000 may be available for any information that leads to an arrest.

The Source: Information from the Austin Police Department

East AustinCrime and Public Safety

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Austin, TX

Austin weather: Intense storms in West Texas could make it to Hill Country

Published

1 day ago

April 14, 2026

Press Room

Austin weather: Intense storms in West Texas could make it to Hill Country

AUSTIN, Texas – We will be on storm watch tonight.

Local perspective:

More of the same today with a cloud/sun mix, warm, humid and breezy conditions.

Highs heading for the 80s with wind gusts of 15 to 25 mph.

The backstory:

The West Texas dryline will be the storm machine. This is where the Gulf moisture meets up with dry air coming off the mountains.

As the two different air masses collide the air will be forced up.

The heating of the day and upper low will provide even stronger lift to generate numerous and more intense storms in West Texas.

There is a chance a few of the storms will survive their journey away from the dryline and reach the Hill Country starting this evening and overnight.

By the time they enter Central Texas, most of the storms will drop below severe limits.

The highest threat of severe weather remains west of the Hill Country.

What’s next:

Could we get redevelopment with the storms late on Wednesday?

The jury is still out because not all the models agree, so we will have to play the wait and see game.

The next game-changers will be a stronger Western Low and a cold front with bite to it entering the picture this weekend.

Expecting increasing rain chances on Saturday followed by a cooler and drier breeze the rest of the weekend.

What you can do:

Track your local forecast for the Austin area quickly with the free FOX 7 WAPP.

The design gives you radar, hourly, and 7-day weather information just by scrolling.

Our weather alerts will warn you early and help you stay safe.

The Source: Information from meteorologist Zack Shields.