The price of rental properties dropped in some big metros all over the country in September, Realtor.com reports, and Austin was second on its list of those with the the biggest decline.
Median rent in September for 0 to 2 bedrooms fell 7.3 percent year-over-year, to $1,638, in the Austin-Round Rock metro area.
"While some southern metros saw the fastest year-over-year rent growth in September," the report reads, "the top 3 metros experiencing the most significant year-over-year rent declines are also in the South: Austin, TX (-7.3% ), Dallas, TX (-6.2%) and Orlando, FL (-5.4%)." It continues:
Interestingly, Austin, being recognized as one of the prominent tech hubs in the United States, similarly to its counterparts in the West, saw the most significant decrease in median asking rents compared to the previous year. In addition, as the tech sector in Dallas and Orlando both experienced significant growth during the pandemic, it is not surprising to find their rent trends closely resemble those of their western tech peers.
U.S. median rent saw a year-over-year decline for the fifth month in a row, according to the report. The median asking rent was $1,747, down by $5 from last month and $29 less from the peak seen in July 2022, but was still $338 (24 percent) higher than the same time in 2019 (pre-pandemic).
The Atlanta-Sandy Springs-Roswell, Georgia, metro area was the only one in the report that had a bigger year-over-year rent drop — it fell 4.9 percent, to a median of $1,659.