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Austin, Texas, led the nation in dropping rent prices for the month of June, according to a new report from Realtor.com.
The South generally saw a surge in housing units as more builders target the area because of mass migration post-pandemic.
After Austin’s year-over-year rent drop of 9.5 percent, San Antonio, Texas, and Nashville, Tennessee, also saw significant rent price decreases of 8.2 percent and 8.1 percent, respectively.
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“It’s difficult to know just yet if this is simply a trend or a long-term slide, but markets that were white hot during the pandemic like Austin and Nashville are experiencing a deceleration in demand,” Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, told Newsweek.
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Beene said the boom in remote work has regressed, and many workers have had to relocate back to their home office, which for many is outside of the southern cities they migrated to during the COVID-19 pandemic.
Realtor.com also attributed the drops to substantial increases in the supply of new rental units.
“To meet that demand, suppliers needed to come into the market and have now oversupplied the market with housing,” Kevin Thompson, a Texas-based financial expert and founder of 9i Capital Group, told Newsweek. “What you are seeing now is the natural market forces finding an equilibrium price, which will naturally fall, especially when you compare them to year-over-year numbers.”
Nationwide, rents fell 0.4 percent year-over-year in June, marking the 11th consecutive month of rent drops nationwide. The median rent for a studio to two-bedroom unit in the top 50 metro areas was 21.2 percent, or $305 higher than the same month in 2019.
“Rents have been steadily falling for almost a year, though the pace of the decline has slowed,” Danielle Hale, chief economist at Realtor.com, said in a statement. “But rental costs have risen significantly since before the pandemic and inflation has further strained renters’ budgets, underscoring the need for more supply to meet demand and to keep renters from contributing an increasing percentage of their incomes to housing costs.”
The pandemic saw the housing market become severely disrupted, with some markets like Tampa and Miami in Florida seeing rents skyrocketing by up to 40 percent. Tampa and Miami still have some of the fattest rental-price growth versus their pre-pandemic levels, with Tampa up 39.5 percent and Miami 39.2 percent.
Beene said that in comparison, smaller metropolitan cities like Austin have smaller suburban areas that ultimately offer cheaper rents and even mortgages.
Austin also saw the number of homes for sale to climb by 26 percent to 13,227 active listings, according to the Austin Board of Realtors.
“As these markets continue to mature and have states that are seeing economic growth in all areas, it’s natural to see people reassess their living options,” Beene said. “If you can save a few hundred dollars in rent by driving to work 30 minutes each day, you usually do it.”
Thompson said that while the remote work age might be coming to a close, many workers will fight against it and could potentially come back to the city as housing prices become more affordable.
“Austin and other areas that have experienced substantial growth will likely see those growth rates decline to more sustainable levels,” he said.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Exciting news for foodies and travelers alike: Austin has been handpicked as a featured culinary destination in the upcoming MICHELIN Guide Texas! This prestigious selection by Michelin, renowned worldwide for its discerning taste in gastronomy, solidifies Austin’s status as a global hub for exceptional dining experiences.
Austin’s culinary scene is a tapestry woven with multicultural influences, locally sourced ingredients, and a vibrant spirit of innovation. From farm-to-table delights to sizzling Texas-style barbecue and inventive fusion cuisine, our city’s food landscape promises something unforgettable for every palate.
The MICHELIN Guide Texas will spotlight a curated selection of Starred restaurants, Bib Gourmands, and Recommended establishments across Austin, Dallas, Fort Worth, Houston, and San Antonio. This comprehensive guide promises to celebrate both established icons and emerging stars in the Texas food scene.
We are eagerly awaiting the official unveiling of The MICHELIN Guide Texas later this year and to celebrate Austin’s rich culinary heritage and the passionate individuals who make our city a culinary capital. Get ready to explore, indulge, and savor the flavors that define Austin!
For more mouthwatering details about Austin’s culinary scene and the upcoming MICHELIN Guide Texas, visit Visit Austin.
The incident occurred on Tuesday, June 18, 2024, at approximately 4:26 p.m., according to the Austin Police Department. The suspect approached the food truck and demanded money from the victim. When the victim refused, the suspect forced his way into the food truck and assaulted the victim.
The suspect is described as a Black male, aged 20-30 years, approximately 5’10” tall, with a high-pitched voice. He was last seen wearing a blue shirt with “I’ve Got This” on the front, both sleeves cut off, long black pants, light-colored shoes, and a tan baseball cap with “Austin Baseball” on the front.
Anyone with information is urged to contact APD’s Robbery Unit at 512-974-5092. Tips can also be submitted anonymously through the Capital Area Crime Stoppers Program by visiting austincrimestoppers.org or calling 512-472-TIPS. A reward of up to $1,000 may be available for information leading to an arrest.
Collies Anderson to lead Pflugerville team
AUSTIN, Texas, July 17, 2024 /PRNewswire/ — Gotcha Covered, a leader in custom window treatment consultation in the U.S. and Canada, has announced the opening of a new location in Texas. Gotcha Covered of Pflugerville is owned and operated by Collies Anderson.
With an emphasis on end-to-end consultations, the new center provides the best in soft and hard window treatments to homeowners in Pflugerville, Hutto, Taylor, Northwest Hills, Wells Branch and the surrounding area by offering a variety of blinds, draperies, smart solutions and much more.
“Collies is no stranger to hard work, having devoted the last two decades to learning the ins and outs of management and best business practices” said Paul Linenberg, president of Gotcha Covered. “The local homeowners and business owners are going to benefit from his dedication to a job well done and the customer satisfaction that comes along with it.”
Anderson has held multiple positions across various industries, including senior manager of transformation, project manager and training manager for multiple Fortune 100 companies. He has also served as a mortgage loan officer and assistant branch manager for Hertz.
“I’ve always dreamed of being an entrepreneur, and Gotcha Covered allows me to bring that dream to reality after decades of working in corporate America,” Anderson said. “This new journey truly allows me the freedom to devote meaningful time to my faith, family, friends and community. I also love that I’ll have the ability to work with people and help them bring their home design concepts to life.”
Adding 30 new franchise locations in 2023, Gotcha Covered currently has over 170 total franchises across the U.S. and Canada. The franchise has been operating under the Gotcha Covered name since 2009.
To schedule an appointment with Gotcha Covered of Pflugerville, visit https://www.gotchacovered.com/pflugerville/.
About Gotcha Covered
Gotcha Covered is a leader in custom soft and hard window treatment consultation in the U.S. and Canada. Flying under their Gotcha Covered flag since 2009, they offer custom window treatments including blinds, draperies, shutters and much more. They offer end-to-end consultation with the customer’s specific needs and goals in mind. The company currently has over 170 total franchises across the U.S. and Canada.
MEDIA CONTACT:
Heather Ripley
Ripley PR
865-977-1973
[email protected]
SOURCE Gotcha Covered
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How to fight shrinkflation? Pay attention to unit prices at grocery stores