Austin’s rental market is experiencing challenges, with vacancy rates climbing and rental prices decreasing.

As of September 2023, the city’s rental vacancy rate reached 11%, surpassing the national average of 6.6% and indicating a substantial increase from previous years.

Rental prices have also declined. Austin’s median apartment rent has fallen significantly, with a 15% decline from its peak of $1,635 in August 2022.

As of October 2024, the median rent has dropped to $1,399, approaching pre-pandemic levels.

The surge in vacancies and drop in rents have led landlords to offer concessions to attract tenants.

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