AUSTIN (KXAN) — There’s good news for renters in Austin. According to researchers at Apartment List, rental costs are down across the city.
Apartment List Senior Research Associate Rob Warnock said rent dropped 7% compared to last year.
“Rents in Austin are falling faster than anywhere else in the country,” Warnock said. “Including West Campus, all the way out to South Austin and downtown and kind of the peripheral areas.”
Warnock attributed that to all the construction over the last four years.
“Renters have more options, which means landlords got to work a little bit harder to fill their vacancies, and the best way that they have to do that is to lower their prices a little bit.”
Rob Warnock, Apartment List Senior Research Associate
Ultimately, Warnock said renters have the upper hand.
“Try your hand at negotiating,” Warnock said. “Come informed with what’s going on with rental rates at other properties and look for a deal.”
Warnock warned this relief might not stay forever. He said construction started to slow down in Austin and across the country.
Because of that, Warnock said rent price drops will slow down in the coming years.
“You’re going to kind of go through these cycles of the market feeling tight, from the perspective of a renter, to the market feeling really lucrative,” Warnock said.
Student housing affordability
Even with prices down across the city, Warnock said West Campus costs about $200 to $300 more than the average citywide rent of $1,400.
“It’s a reflection of the fact that it’s got the shiny new buildings,” Warnock said. “It’s got students cycling in all the time. It’s got a lot of activity, and it’s really centrally located.”
A new student housing development is under construction in West Campus. It plans to open its doors to students for the 2025-2026 school year. (Photo: KXAN) A new student housing development is under construction in West Campus. It plans to open its doors to students for the 2025-2026 school year. (Photo: KXAN) A new student housing development is under construction in West Campus. It plans to open its doors to students for the 2025-2026 school year. (Photo: KXAN)
The City of Austin’s Housing Department recently released a list of ten recommendations to make the city more affordable for students.
Recommendations included establishing a college student housing consortium, maintaining a real-time student data dashboard, and accelerating and reading the permitting process for university housing developments.
Housing Department Principal Planner Rachel Tepper said they are currently working on different initiatives, like making the Affordable Housing Online Search Tool easier for students.
“There are units that are specifically reserved for low-income students, but it’s hard to know if there are any available,” Tepper said. “Improve that tool so that we have more kind of real-time data, real-time information about availability.”
Tepper said getting the tool updated may take some time, but they’re focused on getting it done.
