Austin, TX

Austin rent prices drop as city sees flood of new apartments

Published

5 months ago

July 18, 2024

Austin rent prices drop as city sees flood of new apartments

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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A home available for sale is shown on May 22 in Austin, Texas. Austin rent prices fell the most out of any major city area in America in June, according to a new report.

Brandon Bell/Getty Images

“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.

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Austin, TX

Body found in same Austin lake where 6 other deceased individuals were found in 2024

Published

21 minutes ago

December 22, 2024

Press Room

Body found in same Austin lake where 6 other deceased individuals were found in 2024

Another body was found in the popular Lady Bird Lake in Austin, Texas, where other deceased individuals were found recently.

The latest body found joins the growing mystery after at least 6 additional bodies were found throughout the year in the lake in 2024. On Friday, police were called to investigate reports of a dead person in the water near 1st Street Bridge and the 300 block of Cesar Chavez.

The Austin Police Department (APD) said that they do not suspect foul play as the body showed no signs of trauma, but are investigating the incident.

Despite APD attempting to quell community fears, questions and speculation have run rampant. Police have attributed most of the deaths to accidental drowning due to the lake’s proximity to nightclubs and bars.

BODY FOUND IN SAME AUSTIN LAKE WHERE OTHER DECEASED INDIVIDUALS DISCOVERED IN RECENT MONTHS

Mounted police patrolling down Rainey Street after several bodies appeared in a nearby lake. (Matteo Cina/Fox News Digital)

The most recent body was found on December 1. The victim was recently identified as 73-year-old Thi Lang Nguyen. Austin police said that there is nothing connected to the other deaths this year.

TEXAS PARENTS OF ONLYFANS MODEL IN DEADLY MIAMI STABBING ARRESTED

In September, a man was behaving erratically near East Cesar Chavez and Nueces Streets. He then went into the water and did not resurface. He was later pulled out and pronounced dead.

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Back in February, a woman’s body was found in the water about 20 feet from the north shore and in April, a fisherman spotted another person floating in the water.

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In July, a man was suffering from blunt force trauma on the trail near Rainey Street. The man was pronounced dead a short time later.

In September, a body was found along a trail near the lake off Pleasant Valley Road.

Fox News Digital has reached out to the APD for comment.

Fox News Digital’s Louis Casiano contributed to this report.

Sarah Rumpf-Whitten is a breaking news writer for Fox News Digital and Fox Business.

Story tips and ideas can be sent to sarah.rumpf@fox.com and on X: @s_rumpfwhitten.

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Austin, TX

Born and Braised Food Trailer Lands in East Austin – Texas is Life

Published

8 hours ago

December 21, 2024

Press Room

Born and Braised Food Trailer Lands in East Austin – Texas is Life

Born and Braised, a food trailer specializing in native wild game meats and seasonal food, recently opened at the Sign Bar in Austin at 9909 FM 969, Building 3. Chef and owner William Woodland, a.k.a. Woody, is looking forward to his new venture and serving wild game meats and other special menu items to Austinites.

Menu items customers will enjoy includes birria tacos, birria ramen, venison frito pie, pulled pork Cubano tortas, venison bratwurst, venison smash burger, and sides like braised greens, beans, and street corn.

Born and Braised started at Lustre Pearl in 2022. The food trailer moved to Sage Brush for over a year. The trailer worked at Bastrop, but now it operates in East Austin at the Sign Bar.

Born and Braised hours include Tuesdays through Fridays from 4 pm to 2 am, and Saturdays from 11 am to 2 am, at Sign Bar Austin (9909 FM 969, Bldg. 3).

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Address: 9909 FM 969, Bldg. 3, Austin, TX
Website: https://bornandbraisedatx.square.site/

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Featured image from Born and Braised Instagram page

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Austin, TX

DANNY TANTRUM defecates and consumes it on stage during set at Coral Snake in Austin, TX

Published

24 hours ago

December 21, 2024

Press Room

DANNY TANTRUM defecates and consumes it on stage during set at Coral Snake in Austin, TX

Texas-based noise artist Danny Tantrum performed in Austin, TX at the Coral Snake last night alongside Schizing Out and Terminull. However their onstage antics may have rubbed the venue and some attendees the wrong way. During the performance, Tantrum appears to perch themselves up on a stool and proceed to channel their inner GG Allin.

Attendees and venue staff were shocked to witness the solo noise act defecate on the stage and then immediately consume it. There is also a video of the act on Instagram (below) posted by Tantrum. In the video venue staff can be seen trying to somewhat intervene to stop it but to no avail. Finally calling for the set to be cut short.

If you dare, you can watch the video via Instagram Reels if the embed below does not work.

This is seemingly not the first time Tantrum has performed this act, a previous video on their Instagram features a similar shocking performance from several months ago.

Following the incident there seems to be a divide and discourse online either condemning or defending the act.

everybody in atx worried about an emotional art hoe shitting a little turd and eating it instead of the real issue that there’s an underground nazi noise scene y’all keep accidentally booking here is crazy work actually https://t.co/rSAS6EX7HF
— ds//fp (@dsfprecords) December 20, 2024

The venue itself re-shared a message directed at all other Austin venues warning them about booking Tantrum and the extreme show.

The venue shut the show down and forced the act and other members of the crowd to clean up the mess with cleaning supplies. Tantrum would ultimately take responsibility and clean the mess up himself and claim there were no bad intentions towards the venue.

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