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Rent prices in Austin drop 10% on average from last year: FOX 7 Focus

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Rent prices in Austin drop 10% on average from last year: FOX 7 Focus


If you’re looking for an apartment here in Central Texas, you may be pleasantly surprised to see that rent prices have actually gone down. 

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Austin realtor Olivia Vale with Roots Residential Group joins FOX 7 Austin’s John Krinjak to discuss in this FOX 7 Focus. 

JOHN KRINJAK: So tell us about what we’re seeing here. How big of a drop are we actually seeing in the price to rent an apartment?

OLIVIA VALE: Yeah. So, on average, we’re seeing about a 10% decrease from last year. And keep in mind that over the pandemic, both rents and home prices skyrocketed. And that’s because of supply and demand and, of course, a number of economic factors. Right now we’re getting relief. And we’re at the lighter side of that bubble, which is great news. The caveat here is that not all rent prices are dropping in the same way, in the same locations. So the closer you are to downtown, you’ll see a more robust, healthy rental market when you get further out. Suburbs, new builds. We’re seeing those rent prices come down, whereas, you know, older homes in more established neighborhoods, those are more robust. And we’re seeing, you know, more of a flat level there. 

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JOHN KRINJAK: So from what you’re seeing, what do you think is behind this drop in rent prices? 

OLIVIA VALE: Yeah. So a lot of it is supply and demand. We don’t have the tens of thousands of people moving here, ready to rent kind of anything that they see online before even seeing in person. So, you know, there’s a lot more available. And that goes for when you’re buying a home, too. There’s a lot of availability right now.

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JOHN KRINJAK: All right. So let’s set up two scenarios here. If you’re looking for a new apartment, you’re looking to leave where you are now, find a new apartment. Hopefully, take advantage of some of these savings. What advice would you have for people?

OLIVIA VALE: Yeah, I would say with any apartment hunting, of course, with home buying and selling, you can use a realtor. A lot of people don’t know that a realtor is available for you to use. You don’t have to pay them personally. We get a bit of commission from the landlord. A realtor has years of knowledge about the housing market they can advise you on. You know what a landlord may be looking for and an application fee.

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JOHN KRINJAK: So on the other end of it, if you’re looking, you like your apartment, you’re looking to stay where you are, but you’re looking around and seeing the prices go down. But your landlord wants to keep your rent the same or raise it, and you don’t think that’s fair. What steps can you take there?

OLIVIA VALE: I think that almost unequivocally, across the board, no one should be raising their rent this year. We saw a huge jump in rents this year. You know, we’re actually at a level where rents were in 2021. So if your landlord is raising your rent levels past 2023, you know, that’s a sign to get in touch with the realtor, have them run rental comps on what rental places have closed in your neighborhood in the last six months or so, and then armed with that information, you can go to your landlord and say, look, you don’t have justifiable basis to raise my rent.

JOHN KRINJAK: And I guess the question everyone’s kind of afraid to ask, do you think this is going to continue?

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OLIVIA VALE: I think we’ve kind of leveled off. We can see that rents did go up ever so slightly. Just May, April, May. So I think the adjustment is where we’re kind of over that hump now.

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JOHN KRINJAK: And so we talked a lot about renting, but if you’re looking to buy a home or a condo, are you seeing similar patterns with the real estate market as we are with rent prices? Are those prices coming down too?

OLIVIA VALE: Marginally. So definitely from the highs in 2022, we’ve come down a little bit. If you are a buyer right now, we’re seeing 30% more homes inventory wise than we were last year. So the world is your oyster. If you’re a buyer in Austin, you should be able to negotiate. You should be able to get, maybe points on your mortgage paid by the seller. You have a lot of leverage.

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JOHN KRINJAK: What should you do if you’re a seller? Is it just a bad time to sell, or is it a little bit more nuanced than that?

OLIVIA VALE: It’s a little more nuanced. I mean, everything is so localized in this market, you see huge differences between neighborhoods. So when you’re a seller, you have to adjust your expectations, know that your home is going to be on the market for longer. Do those extra things to your home, spiff it up, make it look great. And then have an experienced realtor give you a fair, realistic idea of what you can actually sell your home for.

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JOHN KRINJAK: All right. Olivia Vale, realtor here in Austin. Olivia, thanks so much for being here. We appreciate you.

OLIVIA VALE: You’re so welcome. Thank you for having me.



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Austin, TX

Texas’ Quinn Ewers competes against Simone Biles, others in DICK’S Sporting Goods competition

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Texas’ Quinn Ewers competes against Simone Biles, others in DICK’S Sporting Goods competition



Simone Biles, Dak Prescott, Chris Paul and Quinn Ewers are decorating DICK’S store in their hometowns of Houston, Dallas, San Antonio and Austin.

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DICK’S Sporting Goods is joining in on the holiday cheer — along with a dose of competition among Texas cities, featuring some of the Lone Star State’s best athletes.

Simone Biles, Dak Prescott, Chris Paul and Quinn Ewers will be competing, just not on any athletic field. They are each responsible for decorating a DICK’S Sporting Goods store in their hometown, competing for the title of DICK’S Holiday Decorating Officer and a trophy.

The athletes have begun decorating at stores in Houston, Dallas, San Antonio and Austin. Videos by DICK’S Sporting Goods offer a sneak peek of each as the athletes add their own flair to spread holiday cheer.

The competition comes as part of DICK’S Sporting Goods and DICK’S Sporting Goods Foundation’s program Sports Matter, which funds and maintains youth sports programs across the nation. The four athletes will each get a $100,000 Sports Matter grant, to be awarded to a local youth sports organization(s) of their choosing.

“We’ve had a blast getting ready for the holidays with Texas’ most inspiring and entertaining sports icons,” said Kari DeGori, VP Local Marketing and Marketing Capabilities at DICK’S Sporting Goods. “These in-store displays are interactive, fun, a great place for photos, and each has its own tie of sport into the holiday – whether it’s a gingerbread locker room, a chimney basketball game, or a vintage farm basketball hoop. We hope that these displays add some extra joy for our customers while they shop for everyone on their list. And we’re thrilled to be able to partner with our Foundation’s Sports Matter program to extend the holiday cheer to deserving local sports organizations.”

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“I love competing, so taking part in this Texas holiday contest with some of the best athletes across sports was a lot of fun,” said Chris Paul. “We are all trying to win and become DICK’S Holiday Decorating Officer, but no matter what, we all win as we have the opportunity to give back to youth sports. Thank you to DICK’S for awarding a $100,000 Sports Matter grant to the Chris Paul Family Foundation.”

This campaign will run across DICKS.com, YouTube, streaming, and social media, as well as broadcast on local TV, radio, and other audio platforms in Dallas, Houston, San Antonio, and Austin.

Quinn Ewers decorates Austin DICK’S store

Texas Longhorns quarterback Quinn Ewers is responsible for decorating the Austin DICK’S store on 183A Toll Road. A promotion video captures Ewers placing a giant cowboy hat on a snowman and standing amid a Longhorn-themed tailgate scene while on a video call with actor Matthew McConaughey.

Chris ‘CP3’ Paul decorates San Antonio DICK’S store

Over in San Antonio, Spurs point guard Chris “CP3” Paul is busy decorating the DICK’S store on Northwest Loop 410. CP3 can be seen carefully placing basketballs into a Christmas tree and building a holiday barn-themed basketball court, casually making backward swishes throughout a promotional video.

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Simone Biles decorates Houston DICK’S store

World-famous gymnast and gold Olympic medalist Simone Biles has been tasked with decorating the Houston DICK’S store on the Gulf Freeway. In a promotional video, Biles stands in front of goat decorations wearing Olympic medals and a “GO FOR GOLD” sign display. Other notable decorations include a balance beam decked with stockings, a medal podium, and a photo op featuring “five golden rings.”

Dak Prescott decorates Dallas DICK’S store

Dallas Cowboys quarterback Dak Prescott is in charge of decorating the Dallas DICK’S store on University Drive. A promotional video depicts Prescott designing a gingerbread-themed locker room and a tunnel featuring holiday lights, speaking in front of snowmen decked in football gear.

MAP: Where are the DICK’S stores involved in the holiday decoration competition?

Locations of the DICK’S stores being decorated include the following:

  • Dallas: 2845 W University Dr., Denton, TX 76201
  • Houston: 18650 Gulf Freeway, Friendswood, TX 77546
  • San Antonio: 321 Northwest Loop 410, Suite 112, San Antonio, TX 78216
  • Austin: 5001 183A Toll Road, Suite N100, Cedar Park, TX 78613



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Austin, TX

Texas I-35 high-speed rail proposal is put into motion by lawmakers

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Texas I-35 high-speed rail proposal is put into motion by lawmakers


Austin lawmakers are putting a proposal in motion that has been in the works for years; plans to build a high-speed rail on I-35.

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The goal of House Bill 483 is to connect Dallas, Austin, and San António, using high-speed rail.

“The excitement and enthusiasm around this bill has been kind of overwhelming. I am surprised how much everyone is paying attention to it. I’m excited and encouraged. I think Texas is a booming state, with a booming economy, but we are far behind infrastructure options for residents,” says State Representative House District 136 John Bucy.

House Bill 483 submitted by lawmakers in Austin spells out plans for a high-speed rail expected to reach speeds of 110 miles per hour, connecting Dallas to Austin to San Antonio along interstate 35.

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“The interconnection of these major hubs that we are all traveling all the time would benefit our day-to-day lives. It is a way to a different mobility of travel then flying or driving in a car, it would be faster than driving in a car it would be safer. Many years ago, Rick Perry had plans to add more lanes and add a train up the I-35 corridor. We are not doing enough for infrastructure, and it needs to get done,” says Bucy.

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Last year, Travis County Commissioner’s Court Judge Andy Brown met with officials in Bexar County to discuss the possibility of a passenger rail between Austin and San Antonio, pending an environmental study.

Mayor Watson also highlighted opportunities for developing an inner-city passenger rail to congress, in November 2023.

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This year, The Texas Passenger Rail Advisory Committee discussed plans to add a high-speed passenger train along the corridor between Austin, San Antonio and Monterrey, Mexico.

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This month, State Senator Sarah Eckhardt joined in efforts to get house bill 483 passed.

“This is going to be a long process. We are going to try to get this bill by first continuing to raise awareness, asking for a hearing in committee that won’t  be until February or march at the earliest, so that process will be beginning, committee hearings and then hopefully we can continue to build support for it,” says Bucy.

According to the bill, high-speed rail would be constructed through state funds.

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“What we are doing is directing the Texas Department of Transportation to enter into an agreement so they would have a bid process, people would make their bids for building and maintaining this line, so it would be like public private partnership,” says Bucy.

Rep. John Bucy says the goal is to get the bill to the governor’s desk.

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“I know the governor loves to talk about Texas’s innovation and moving forward I would think a new high-speed mobility would be right up his alley,” says Bucy.

The bill would take effect in September 2025 if it is passed.



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Texas Supreme Court overturns ruling that state Attorney General Ken Paxton testify in lawsuit

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Texas Supreme Court overturns ruling that state Attorney General Ken Paxton testify in lawsuit


(AP) – The Texas Supreme Court on Friday overturned a lower court ruling that state Attorney General Ken Paxton testify in a whistleblower lawsuit at the heart of impeachment charges brought against him in 2023.

The court on Friday said Paxton’s office does not dispute any issue in the lawsuit by four former Paxton employees and agreed to any judgment in the case.

“In a major win for the State of Texas, the state Supreme Court has sided with Attorney General Paxton against former OAG employees whose effort to prolong costly, politically-motivated litigation against the agency has wasted public resources for years,” a statement from Paxton’s office said.

An attorney for one of the plaintiffs declined immediate comment, and a second attorney did not immediately return a phone call for comment.

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The former employees allege they were improperly fired or forced out for bringing to the FBI allegations that Paxton was misusing his office to protect a friend and campaign donor, who in turn, they said, was helping the attorney general to conceal an extramarital affair.

The Supreme Court ruling noted that the Texas governor and Legislature have expressed a desire to hear testimony from the witnesses prior to agreeing to appropriate funds to settle the lawsuit.

The court said forcing Paxton, First Assistant Attorney General Brent Webster, Chief of Staff Lesley French Henneke and senior advisor Michelle Smith to testify earlier could improperly be used for legislative purposes in deciding any appropriation.

Under the preliminary deal, Paxton agreed to apologize to the former employees for calling them “rogue” employees, settle the case for $3.3 million and ask the state to pay for it, prompting the state House to reject the request and begin its own investigation, leading to the vote to impeach him.

Paxton was ultimately acquitted after a Senate trial.

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The Supreme Court termed its ruling conditional upon the lower trial court complying with the decision, while saying it is “confident the trial court will comply” with the order.

Copyright 2024 The Associated Press. All Rights Reserved.



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