Connect with us

Austin, TX

Austin Built Housing. Then Rents Fell. – Davis Vanguard

Published

on

Austin Built Housing. Then Rents Fell. – Davis Vanguard



Licensed under the Unsplash+ License

AUSTIN, Texas — As cities across the country struggle with rising rents and worsening affordability, Austin is emerging as one of the clearest real-world examples of what happens when local governments allow substantially more housing to be built: prices begin to ease.

After years of steep rent increases driven by rapid population growth, Austin’s median rent fell more than 16% between 2021 and 2026, according to a new analysis highlighted by Pew and reported by Smart Cities Dive. During roughly the same period, the city added housing at a pace that far outstripped most of the nation.

Between 2015 and 2024, Austin expanded its housing stock by 120,000 units — a 30% increase. By comparison, overall U.S. housing growth during that span was 9%, according to the report. Median rent in Austin is now 4% lower than the national average.

The data arrive at a time when housing debates in California and elsewhere often center on whether more supply can actually lower costs. In Austin, multiple independent reports suggest the answer is yes — though not without limits or remaining affordability challenges.

Advertisement

“Austin’s success serves as an important example of how regulatory barriers to building more housing are often varied and interconnected,” Pew’s report stated. “No single solution can solve a housing shortage, but Austin has taken multiple steps that have helped to unlock large amounts of housing supply in its market and reverse rent growth.”

Austin’s story did not begin with falling rents. It began with a boom.

The metro area’s population surged 33% from 2010 to 2020, creating intense demand for housing. During the prior decade, rents in Austin skyrocketed by nearly 93% from 2010 to 2019, according to the report. Then the COVID-19 era brought another wave of migration, strong job growth and additional upward pressure on prices.

But instead of freezing growth, Austin gradually changed its housing rules.

The city created a vertical mixed-use zoning category in 2007 that allowed more homes on sites while reducing minimum parking requirements by 60%. That policy alone led to more than 17,600 new units built or in progress as of 2024, according to Pew.

Advertisement

In 2015, Austin also made it easier to build accessory dwelling units, often known as ADUs, granny flats or backyard homes. The city reduced minimum lot size mandates and cut parking requirements. Between 2015 and 2024, Austin permitted nearly 3,000 ADUs, dramatically exceeding prior rates.

Then, in 2023, Austin became the largest U.S. city to eliminate parking requirements for nearly every type of property citywide, another move intended to reduce construction barriers and costs.

The city also paired deregulation with direct affordability strategies, including density bonuses and hundreds of millions of dollars in municipal bonds used to acquire land for new housing construction.

The combined result was a surge in new apartments and more competition among landlords.

Texas Tribune reported that builders in the Austin region obtained permits for 957 apartments per 100,000 residents between 2021 and 2023, outpacing other major metropolitan regions. That construction wave sent tens of thousands of units onto the market.

Advertisement

“When you introduce that many new apartments, your rental rates drop due to competition,” said Cindi Reed, director of MRI ApartmentData. “Supply and demand.”

That pressure has been visible across the market, not only in luxury buildings.

Pew found rents dropped 7% in apartment buildings with 50 or more units from 2023 to 2024 — the largest decline recorded in any large metro area. Rents in older, non-luxury buildings with lower-income renters fell about 11%.

Apartment List data cited by FOX 7 Austin similarly found Austin posted the fastest rent decline among comparably sized cities, with a 5.9% drop over the past year and a total decline of 20% from its 2022 peak.

The politics behind those changes also shifted.

Advertisement

Texas Tribune reported that Austin voters elected more pro-housing City Council members as costs worsened and frustration mounted. Councilmember José “Chito” Vela said the city’s older assumptions about limiting construction had failed.

“We were working under the premise for a couple of decades here in Austin that if we did not allow new construction, that would help preserve neighborhoods and hold down costs,” Vela said. “That has just been objectively shown to be false, and that the contrary approach is true.”

That statement captures a central divide in housing politics nationally. Many communities have long believed restricting new development protects affordability or neighborhood character. Austin’s recent experience suggests those restrictions can instead intensify scarcity and push rents upward.

Still, Austin is not a utopia, and falling rents do not mean housing is suddenly affordable for everyone.

The typical asking rent in Austin was $1,645 as of December, according to Zillow data cited by Texas Tribune. That is below recent peaks but still above pre-pandemic levels. Overall rents remain about 17% higher than before the pandemic.

Advertisement

Nearly half of renters in the Austin-Round Rock region remain cost-burdened, meaning they spend more than 30% of income on rent and utilities. Nearly a quarter spend at least half their income on housing and utilities, placing them in the severely cost-burdened category.

“Affordability has a technical definition, and it’s paying 30% or less of your income toward rent,” said Ben Martin, research director for Texas Housers. “And for many people in Austin, that was not the case before the pandemic, and it’s not the case now.”

Homeownership also remains difficult. According to the report, home prices in Austin have hovered above $500,000, and a household may need to earn more than $140,000 to afford a median-priced home in the region.

Falling rents do not erase deeper affordability problems. Austin shows that adding housing can ease price pressure, but it does not eliminate the need for subsidized affordable homes, stronger wages, tenant protections and other public policy tools.

Still, the city’s experience challenges a common assumption in housing politics: shortages do not improve when little gets built. Austin pursued multiple reforms at once, including zoning changes, parking reductions, ADU legalization, public financing for affordable housing and large-scale construction.

Advertisement

The result of those policies was that, after a major increase in housing supply, rents moved down.

Follow the Vanguard on Social Media – X, Instagram and Facebook.  Subscribe the Vanguard News letters.  To make a tax-deductible donation, please visit davisvanguard.org/donate or give directly through ActBlue.  Your support will ensure that the vital work of the Vanguard continues.

Categories:

Breaking News Housing

Tags:

Affordability Crisis Austin housing housing policy Housing Supply rent decline zoning reform





Source link

Advertisement

Austin, TX

Abbott unveils monument dedicated to Texas Revolutionary War soldiers

Published

on

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:

Advertisement
  • 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.



Source link

Continue Reading

Austin, TX

Trinket trade boxes on the rise across Austin

Published

on

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.

Advertisement

“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.

Advertisement

“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.”





Source link

Advertisement
Continue Reading

Austin, TX

Forbes designates University of Texas as a ‘new’ Ivy school for third year in a row

Published

on

Forbes designates University of Texas as a ‘new’ Ivy school for third year in a row


AUSTIN (KXAN) — Forbes on Friday released its annual list of ‘New Ivies,’ and the University of Texas at Austin made it. This is not UT’s first time on the list; it was included in 2024 and 2025.

It’s important to note the Forbes designation does not make UT an Ivy League School. Schools currently designated as Ivy League are Brown University, Columbia University, Cornell University, Dartmouth College, Harvard University, Princeton University, the University of Pennsylvania, and Yale University.

Forbes argued its list was created because a growing number of employers have said they are less likely to hire an Ivy League grad today compared to five years ago. The list is curated by surveying over 100 C-Suite and hiring executives, as well as using data from the 2024 National Center for Education Statistics to gauge if a school fulfilled the criteria to be on the list.

One respondent said instead of prestige, employers are looking for graduates who have “complex emotional intelligence, radical adaptability and visionary creativity to orchestrate AI tools rather than compete with them.”

Advertisement

Forbes said colleges had to meet three criteria to be considered, which included:

  • Size: Private schools must enroll at least 3,000 students, and public colleges must have at least 4,000 students enrolled.
  • Selectivity: All but one private college had an admission rate of less than 15%; public college admission rates were 50% or less.
  • Testing Requirements: At least half the entrants must have submitted either the SAT or the ACT scores

Forbes argued testing requirements indicated academic rigor, as a result. Schools such as the University of California and California State schools were not considered.

When it came to UT meeting the requirements for the list, UT had an undergrad enrollment of 44,663 students with a 27% acceptance rate. When it came to test scores, it had a median SAT score of 1390 and a median ACT score of 31.

For a full list of the public and private schools included in the Forbes 2026 New Ivies list, click here.



Source link

Advertisement
Continue Reading
Advertisement

Trending