Rental Prices Drop in Austin for the First Time Since the Start of the Pandemic

Austin renters could soon see relief in monthly rates, according to a recent study by Apartment List, a research firm that studies rent prices across the U.S.

Overall, rent in Austin is still up about 24.7 percent since the start of the pandemic. But, in November, prices went down by about 1.2 percent, compared to a 1 percent decrease nationally. That's the first sign of a decrease since the start of the pandemic, according to Rob Warnock, a senior research associate for Apartment List.

Warnock said the decrease may be because of a broader macro-policy that the Federal Reserve has been implementing — and he said the market could cool off more.

"This isn't a storyline we've been able to say since 2020, which was really when there were plenty of other concerns on people's minds. So we're finally seeing some relief," Warnock said. "We expect it's probably going to continue to cool here as we're in the winter season. Fewer people move. There's typically less demand in the housing market right now."

Apartment List also recently provided rent data to the federal government to help adjust the fair market rent medians used to calculate things like Section 8 housing voucher amounts. Because of that work, Austinites on Section 8 could see an increase of around $150 added to the value of their vouchers for a one-bedroom apartment in 2023.