Austin Rental Prices See Largest Drop in U.S. as Vacancies Rise and New Housing Units Increase Supply

Austin rental prices have fallen 14% in the past year, the largest decline of any U.S. city according to a Rent.com report.

Prices are still considerably higher than in Feb. 2021 before the spike began, but are expected to continue balancing out.

The rental vacancy rate in Austin has increased to about 8%, giving renters more power to negotiate.

Austin permitted the most new multifamily and single-family housing units nationally last year, increasing supply.

Real estate agents say more vacant units allow them to better advocate for and negotiate with prospective tenants.