Observing the Downturn
Over the past couple of years, the median rent for apartments in Austin has fallen by 15%, while vacancy rates have surged dramatically. Rental perks are now commonplace, and current rents remain just 9.8% above pre-pandemic levels. With increased expenses for property taxes, insurance, and interest costs, many local landlords are struggling financially. This situation serves as a harsh reminder of real estate’s boom and bust cycles, particularly for those developers and investors who rushed in during the market’s peak.