Rent prices falling in Austin + 27 more cities

Austin rental prices broke a 20-month increase streak. | Photo via @jessmeisterwest

Unlike the weather, Austin’s rental market is beginning to cool down + follow suit with the calming housing market.

While rising inflation and interest rates have caused housing prices to rise nationwide, Austin’s real estate market has been heated since 2020 and was further exacerbated by a lack of housing inventory.

But nothing lasts forever, and the Austin Board of Realtors announced the housing market was beginning to stabilize in July. Experts say the rental market tends to follow real estate trends on a few months delay, and we’re starting to see those impacts.

For the first time following 20 months of price hikes for renters, rent fell by 1% in August in Austin, as well as in 27 other big cities across the US. Austin’s drop in rental prices was the second-highest on the list, according to data from Apartment.com, sandwiched in between Nashville at a 1.1% drop and San Francisco at a .9% dip.

Rental price growth in Austin is still up by 7.9% year-over-year, the 15th-highest on the list, but that’s not the highest in Texas. Year-over-year rental price growth in Dallas-Fort Worth is sitting at 9.6%, after a .1% drop between July and August.

Average Austin rental prices for Sept. 2022:

Studio: $1,135, -25% compared to last year
One bedroom: $1,532, +5% compared to last year
Two bedroom: $1,895, +11% compared to last year

The dip is particularly pronounced in the Sun Belt — where rental prices soared the most over the course of the pandemic — with many cities from California, Florida, Arizona, and Texas on the list.

It’s unlikely that Austinites will immediately feel the effects of the cool down, but with dozens of multifamily developments under construction, the downturn suggests more affordable housing costs are on the horizon.

Spread the good news with someone who dreams of market stability.

EVENTS

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Today

Block Party | Wed., Sept. 21 | 7 p.m. | Dougherty Arts Center | Free | Ain’t no party like a Lego party — ‘cause a Lego party has blocks. Stop by for brick building competitions, prizes, and free-building for all ages.

Thursday

Venardos Circus | Now-Sun., Oct. 2 | Times vary | Moontower Saloon | $13.50+ | This animal-free circus created by Ringling Bros. Ringmaster Kevin Venardos is similar to a Broadway show.
Come Together for Texas | Thurs., Sept. 22 | 7-9 p.m. | Austin Motel | Free | Listen to some live music, register to vote, and help fundraise for Austin-based social impact company Waking Giants.

Friday

Avatar: Re-release | Now-Sun., Oct. 2 | Times vary | Bullock Texas State History Museum | Free | Refresh your Pandora knowledge before the sequel is released.
ZZ Top | Fri., Sept. 23 | 7:30 p.m. | Germania Insurance Amphitheater | $31+ | Join this legendary rock band for a show in their home state. 🎸

Saturday

San Marcos Mermaid Festival | Sat., Sept. 23 | 10 a.m.-7 p.m. | San Marcos Square | Free | Celebrate San Marcos’ mascot with a Mermaid Splash Royal Court parade, live music, food, and community art. 🧜‍♀️

Plan Ahead

Soul Man Sam | Mon., Sept. 26 | 8 p.m. | Antone’s Nightclub | $38 | Join this seasoned R&B artist for a night of Memphis-inspired music. 🎙

We have a monthly guide filled with events + activities you can plan for in advance. Click the button below to bookmark ideas for upcoming date nights, family outings, and time with friends.

For tickets to local and regional events, check out our 6AM Tickets resale marketplace.*

100+ MORE EVENTS

NEWS NOTES

Weather

98º | Sunny | 7% chance of rain ☀️

Civic

Voting early has its perks — Travis County’s five voting mega centers will stay open two hours later on Sat., Oct. 29, and Fri., Nov. 4. The rest of the voting centers will be open from 7 a.m.-7 p.m. Psst: we’ll have more info on early voting in an upcoming newsletter. 🗳 (KXAN)

Development

Austin ISD is considering turning two of its properties into affordable housing for teachers and staff as rising housing costs put strain on employee retention + recruitment. (KUT)

Opening

Move over, Tesla. California-based electric automaker Rivian is opening a service center in North Austin’s Crestview neighborhood. ⚡️ (Austonia)

Austinite

University of Texas history professor Alberto Martínez has made it safely back to Austin after Hurricane Fiona hit during a trip to his home town in Puerto Rico. The storm knocked power out for the entire island and delivered more than two feet of rain. Here’s how you can help. (KXAN)

The Word

San Austonio, The MetroMex, and Greater San Marcos: These are just a few of the names Redditors on r/Texas are suggesting for “the next great US metroplex.” ⭐️ (San Antonio Express-News)

Try This

Get your game face on — Pickleball, a badminton-like sport sweeping the nation, goes great with some local grub. Pickleball courts like Dreamland Dripping Springs, Bouldin Acres, Austin Pickle Ranch, and the Electric Pickle bring the fun + food to you. (Eater Austin)

Plan Ahead

Spend your Saturday walking and wining at South First Sip ‘nN Stroll, where you’ll find happy hour drinks, local vendors, live music, puppies, and some light exercise. 🍹
So many concerts, so little time. Take out the guesswork and check out this comprehensive list of major live music events through the end of 2022. 🎵 (Austin American-Statesman)

Real Estate

When the Menard family decided to move home, the hot CA sun wasn’t the only thing heating up Orange County. Learn how an Opendoor-backed offer landed them the house of their dreams.*

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POLL

What would you call the Austin-San Antonio metroplex?

VOTE HERE

Real Estate

Plant Party sells these cowboy-hat wearing succulents. | Photo via @plantparty.co

Let’s not beat around the bush — it’s National Indoor Plant Week.

Studies have shown filling your home with plants can lower stress, improve mental health, boost productivity, and leave you feeling fresh as a daisy.

Whether you have a green thumb or you’re ready to turn over a new leaf, here are some local nurseries to shop from.

Barton Springs Nursery | Mon.-Sat., 9 a.m.-6 p.m.| Explore four acres of native plants.
East Austin Succulents + Tillery Street Plant Company | 10 a.m.-5 p.m. | Shop for succulents, tropical plants, and crystals.
Frond Plant Shop | 11 a.m.- 6 p.m. | Find pretty plants + pots to put them in.
The Great Outdoors | 9 a.m.-6 p.m. | Don’t miss the tropical greenhouse.
The Natural Gardener | Tues.-Sun., 9 a.m.-5 p.m. | This spot also offers free gardening classes.
Plant Party | 11 a.m.-5 p.m. | This shop delivers plants same-day.

SHOP

Spice Girl mug* | $14.24+
Warm and Cozy soy candle* | $28+
5 ft. felt pumpkin garland* | $25.89+
Football season doormat* | $43.20+
22" fall wreath* | $36.27+
Platform ankle boots* | $63.98+
Amber glass mug set* | $20.99+
Decorative faux fur throw blanket* | $17.99+
Pumpkin kitchen towel* | $15+
Pumpkin soy wax candle* | $7.20+
Free People James Mule* | $168+

THE WRAP

	Today’s issue was written by Figi. Editor’s pick: As a Texas State University alumna, my vote is to call the Austin-San Antonio metroplex Greater San Marcos, though Gridlockistan is increasingly fitting. Give me your take in this poll. Missed yesterday’s newsletter? Here’s what kind of house $450,000 can buy in Austin.
Read More

Connect with us.

Editorial: Laura Figi, London Gibson, Dayten Rose, Ashlea Hearn, Emily Shea, Josh Kranzberg | Send us a scoop, question, or feedback.

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