AUSTIN, Texas — Rent prices in the capital city have dropped.
According to HouseWorks Austin, the average apartment in Austin now costs around $1,600 per month, which is down about a $100 from the previous year’s average.
Awais Azhar, the executive director with HousingWorks Austin, said that drop has to do with more apartments being built throughout Central Texas within the last couple years.
“Yes, we have seen rents drop significantly, however we have also not seen rents drop to the pre-pandemic levels,” Azhar said.
While the average rent in Austin is still below the national average, Azhar said more still needs to be done to bring truly affordable housing to those that need it- especially for those at 30% of the median family income, which is around $30,000 annually.
“There are still households that are struggling no doubt about it, so assistance programs are a big part in making sure we are stabilizing people,” Azhar said. “But thinking generally, ‘How do we expand more capitally affordable housing or income restricted [housing] to make sure folks [are] living in housing that will be affordable for a much longer period of time?'”
Boomtown is KVUE’s series covering the explosive growth in Central Texas. For more Boomtown stories, head to KVUE.com/Boomtown.