Austin, TX
Rents in the Austin area have been falling for a year
To draw the picture of Austin rent prices over the past several years is to trace a dizzying mountain — up, up, up. And then a slope. A small slope, but a slope. Down. Not up.
For the past year, the average price of rent in the Austin area has been falling. Rent prices have decreased by about 6% year over year. The average monthly rent is now $1,528 for an apartment any size, down $100 a month from last year.
According to data from Zillow, this is the longest sustained drop in rent prices in the past decade.
“It’s bad for landlords and it’s great for tenants,” said Jake Wegmann, a real estate professor at the University of Texas at Austin. “We should be happy about this.”
The cause? A surge in apartment building and a drop in the number of people moving to the area.
“During the pandemic we saw all of this demand and developers said, ‘We need to build,’” said Ali Wolf, chief economist at Zonda, a company that tracks home construction data.
Tens of thousands of people moved to Austin in the early years of the pandemic. Many could work from home, while others could afford to leave shared living situations and look for their own apartments. In response, rent prices rose at an incredible pace. To developers this indicated a need: more homes. In 2022, developers started building about 40,000 new apartments, more than they had in any subsequent year.
While the population surge that defined Austin in 2020 and 2021 has since slowed, tens of thousands of new apartments are still opening. That’s because of the nature of construction; typically, several years pass between breaking ground on a new building and opening apartments to renters.
What typically happens when developers start building a significant number of new rental homes is that prices drop, Wegmann said, but often only among the most expensive apartments. But there are so many new apartments in Austin that prices are falling across a spectrum of buildings, from apartment complexes with gyms and pools to buildings built half a century ago and beset with much-needed repairs.
The average rent price for these older apartments is down 9% over the past year, according to data from the firm MRI Software.
“This is like adding chairs to the music chairs game,” Wegmann said. “You end up with more and more empty chairs, which give people looking for apartments more choices. Their landlords have to cut rents to fill apartment buildings.”
But both Wegmann and Wolf cautioned that falling rent prices does not equate to more affordable rent. In the year leading up to falling rents in Austin, prices surged by nearly 20%.
A study from the Harvard University Joint Center for Housing Studies found that in 2022, nearly half of all renters living in Austin and the surrounding counties spent more than a third of their income on rent, a metric many experts agree is unaffordable. Rent prices in Austin began falling a year later.
As for whether rents could continue to drop, Wolf said yes.
“This one feels like to me one of the easier crystal balls to answer,” she said. A large number of new apartments are still under construction, and when they open to renters that means more supply of housing. “As we look at the next year, [falling rents are] almost a guarantee.”
But as rents drop, so does the income for developers and the incentive to build. Wegmann said builders are already halting some projects, a trend likely to continue.
“We’re gonna certainly see a retrenchment,” he said. “We’re going to see way fewer projects starting over the next couple of years … That’s capitalism!”
FILE – LinkedIn logos are displayed on an iPhone and computer screen. (Photo by Carl Court/Getty Images)
AUSTIN, Texas – The Texas Attorney General’s office has opened an investigation into LinkedIn over allegations that the professional networking platform misleads consumers with advertising and profiting from misleading or fake job listings, otherwise known as “ghost jobs.”
LinkedIn investigation
In this photo illustration a Linkedin logo seen displayed on a mobile phone. (Photo Illustration by Stanislav Kogiku/SOPA Images/LightRocket via Getty Images)
What we know:
Texas announced on Tuesday it has issued a Civil Investigative Demand (CID) seeking documents, data and internal communications related to LinkedIn’s advertising, marketing, job listing verification practices and its Premium subscription services.
The investigation centers on whether LinkedIn violated Texas’ consumer protection laws by promoting paid subscription services while allegedly failing to disclose that some job listings on the platform may not actually be representative of hiring opportunities.
What is a ‘ghost job’?
An image of a woman holding a cell phone in front of a LinkedIn logo displayed on a computer screen. On Tuesday, January 12, 2021, in Edmonton, Alberta, Canada. (Photo by Artur Widak/NurPhoto via Getty Images)
Dig deeper:
LinkedIn is owned by Microsoft and the world’s largest professional networking platform, with more than 1 billion registered users worldwide.
A “ghost job” generally refers to a position advertised online that either is no longer available or that an employer has no immediate intention of filling. The attorney general’s office cited independent studies estimating that ghost jobs account for between one-fifth and one-third of online job postings.
Texas AG targets Premium Subscription Fees
Photographer: Mark Felix/Bloomberg via Getty Images
What they’re saying:
According to the office of the attorney general, LinkedIn does not independently verify the hiring status of most job listings on its platform. Ken Paxton’s office alleges that the company’s marketing for its Premium subscription services does not disclose that a significant number of postings could be inactive, unfilled or not reflect genuine employment opportunity.
“I will use every resource available to my office to help job-seeking Texans find and secure real employment opportunities,” Paxton said in a statement. “LinkedIn has a duty to provide the services it advertises and ensure that consumers paying for Premium subscriptions are receiving access to legitimate job postings.”
Texas officials said LinkedIn’s Premium Career and Premium Business subscriptions cost about $39.99 and $69.99 per month, respectively, and are marketed to jobseekers looking to improve their employment prospects.
What’s next:
The investigation does not include any formal allegations of wrongdoing, and no lawsuit has been filed.
The Source: Information in this article was provided by the Texas Attorney General’s Office.
Director Kristin Tièche says the seed for her new documentary, The Invisible Mammal, was planted back in 1999, when she was a film student in upstate New York.
“I was sitting at this pub on campus, and I looked up and the sky was just filled with bats,” said Tieche, a native Californian who had never seen a bat before.
“I just thought it was the coolest thing ever,” she said.
These days, such a sight is all but impossible to behold in New York and many other states. A deadly disease called white-nose syndrome is to blame.
The Invisible Mammal follows a team of researchers as they set out to protect bats from the disease, which has emptied entire caves and roosting spots once teaming with life. It’s being screened Tuesday night at AFS Cinema and will be followed by a Q&A.
White-nose syndrome is caused by an invasive fungus found in Europe, likely brought to America on the clothes of a visitor who came to see American bats up close. It kills by starving hibernating bats.
The disease causes bats to “wake up too often during winter and they burn up their fat reserves and die before spring,” said Winifred Frick, chief scientist at Bat Conservation International.
First detected in New York state in 2006, the disease steadily spread across the continent, inflicting catastrophic damage on bat colonies in the Northeast, mid-Atlantic and Midwest. In some parts of the U.S. and Canada, white-nose has wiped out over 90% of bat populations. While the disease exists in Texas, it has not proved as destructive so far.
When it appeared in California in 2019, Tièche thought back to that night decades before when she saw her first bat flight.
“I knew at that moment that it was time to launch this film project,” she said.
The result is a nonnarrated documentary that follows researchers and conservationists across the country, as they protect bats and study ways to battle white-nose syndrome.
Its primary focus is Frick and the team of scientists behind the Fat Bat Project, an initiative started in Michigan’s Upper Peninsula that aims to keep bats well fed around their winter hibernation.
“The idea was could we help bats get fat in the fall and also help them recover their body condition in the spring?” Frick said. “Because we had research that showed that the bats that were surviving tended to be fatter at the start of hibernation.”
Tièche said it was not until she arrived in Michigan to shoot that she realized the team of scientists working on the Fat Bat Project was comprised entirely of women.
“I knew at that point that I also was going to tell the story of women in science,” she said.
White-nose exists in Texas, but the colonies of Mexican free-tailed bats so celebrated in the Hill Country are at lower risk of death. That’s largely because they do not hibernate in the same way some other species do, and insect meals are available in Central Texas deeper into the winter months.
Still, Austin’s Congress Avenue bat bridge makes an appearance in the documentary. The film also opens and closes with immersive scenes — filmed by Austin wildlife cinematographer Skip Hobbie — of bats flying out of the Bracken Cave Preserve, home to the world’s largest bat colony.
Courtesy of Kristin Tièchei
“I told him [Hobbie] I was hoping for people to fall in love with bats when they watch,” Tièche said. “You protect what you love.”
White-nose syndrome continues to decimate bats as it spreads, but there’s reason for cautious optimism. Some species that were nearly wiped out in the Northeastern states are beginning to show modest recovery, Frick said, though it is not fully clear why.
She said the Fat Bat Project, which has expanded across the Northeast and into Texas, is also showing promise as one tool of many that could stave off total population collapse in some areas.
The Invisible Mammal is screening at 6:30 p.m., Tuesday, July 14, at AFS Cinema. It will be followed by a Q&A with filmmaker Kristin Tièche, producer Matthew Podolsky, cinematographer Skip Hobbie and Winifred Frick of Bat Conservation International.
Brandywine Realty Trust sold 405 Colorado Street in Downtown Austin for $151 million.
Jerry Sweeney, Brandywine’s CEO, discussed how the company was looking to offload somewhere between $250 million and $300 million of its portfolio earlier this year, according to the Austin Business Journal. Earlier this year, the building was billed as 100 percent leased. Houston-based Hines announced that its real estate assets investment arm, Hines Global Income Trust, purchased the building in a statement published Monday. The sale price was disclosed in a Securities and Exchange Commission filing.
The Class-AA office property was completed in 2021, and features 206,000 square feet of office space across 25 stories. Hines paid around $733 per square foot for the building. Tenants at the building include JP Morgan Chase, Bain & Company and AllianceBernstein. Hines Global reports that as of May 2026, it controlled $6.4 billion in gross asset value. The statement from Hines is explicit in their reasoning for acquiring the property: Alfonso Mark, Hines’ global co-head of investment management said in the statement that the company believes that fully leased trophy office buildings are driving recovery in the United States’ office market.
Philadelphia-based Brandywine will still maintain a notable presence in Austin. The Uptown ATX development close to Austin’s second downtown, The Domain, is still receiving a $31 million facelift that’s expected to complete by the end of 2027. Last year, Brandywine stole headlines by snagging Nvidia as a tenant. The six-story, 172,000-square-foot building is getting a shiny new lobby to go with other new amenities. Last year, Brandywine sold Quarry Lake II and Four Barton Skyway, according to the outlet. Quarry Lake II’s 120,600 square feet of office space went to Brick Row Holdings, and Four Barton Skyway went to an unknown buyer.
In the same announcement, Hines confirmed that it had also purchased Wicker Park Commons in Chicago.
— Hunter Cooke
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