To illustrate the price of rent in Austin is to draw a steep, steep hill. But for the past few months, that hill has leveled off as landlords have dropped rent prices. April rent numbers marked the first annual decrease in average rent since early 2021.
But for the past few months, that hill has leveled off as landlords have dropped rent prices. April rent numbers marked the first annual decrease in average rent since early 2021, according to data from ApartmentData.com.
Employees of ApartmentData.com survey landlords each month to see what they’re charging for new leases. The real estate data firm solicits information largely from landlords who own 50 or more apartments — meaning that the rents charged by small-time landlords are not typically represented in the data.
At the same time, a larger portion of apartments are sitting vacant. This month, roughly 11% of the apartments owned by landlords surveyed by the firm were empty. This time last year that number was closer to 8%. As the lease’s expiration date inched closer, Venticinque said she and her boyfriend began talking about moving out, anticipating a rent increase above what they could afford. Venticinque said she began scouring Zillow, looking at rental homes nearby. One she saw had been listed for $1,000 more a month than she was currently paying.
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