> In 2021 — which Reed calls “the year of extreme” — developers poured into Austin as pandemic-era corporate relocations surged and remote workers flocked to the city seeking lower taxes, sunny weather, a plethora of tech startups and a robust social scene. Builders typically take two years to go from buying land to welcoming tenants, and as their cranes climbed into the sky, the new arrivals crammed in to the existing apartment stock.
> The rental occupancy rate reached 91.7%, the highest level since 2015. Housing became the dominant issue of the city’s mayoral race as businesses worried pricey apartments might complicate the city’s cost-friendly image.
> “There is no question that we are in a cost-of-living emergency in this town,” Kirk Watson said during his successful campaign for mayor in 2022.
> Then came the flood of new apartments. **Developers dumped almost 50,000 rental units on the city in 2023 and 2024, according to Fannie Mae data. That represented a 14% increase in the supply, the biggest on a percentage basis for any major US metro area.**
> “The rental market here is saturated with availability,” said Jody Lockshin, a veteran Austin broker and the owner of Habitat Hunters. Landlords have almost no leverage, and she has seen buildings offer three months free to new tenants and rate reductions to keep ones already in place.
!ping YIMBY
arbrebiere on
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pencilpaper2002 on
dw they will say the illegal deportations caused this!
The_James91 on
Lord I see what you have done for others
GenerousPot on
Living somewhere where rent is up 20% YoY, I can’t fathom it going down in some places. It’s such a kick in the nuts.
SmthgEasy2Remember on
rip to my brother, moved out of Austin because it was too expensive just in time for this
InformalBasil on
Blue states doing their best to give Texas electoral votes.
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Non-paywalled: https://archive.ph/U1oVB
> In 2021 — which Reed calls “the year of extreme” — developers poured into Austin as pandemic-era corporate relocations surged and remote workers flocked to the city seeking lower taxes, sunny weather, a plethora of tech startups and a robust social scene. Builders typically take two years to go from buying land to welcoming tenants, and as their cranes climbed into the sky, the new arrivals crammed in to the existing apartment stock.
> The rental occupancy rate reached 91.7%, the highest level since 2015. Housing became the dominant issue of the city’s mayoral race as businesses worried pricey apartments might complicate the city’s cost-friendly image.
> “There is no question that we are in a cost-of-living emergency in this town,” Kirk Watson said during his successful campaign for mayor in 2022.
> Then came the flood of new apartments. **Developers dumped almost 50,000 rental units on the city in 2023 and 2024, according to Fannie Mae data. That represented a 14% increase in the supply, the biggest on a percentage basis for any major US metro area.**
> “The rental market here is saturated with availability,” said Jody Lockshin, a veteran Austin broker and the owner of Habitat Hunters. Landlords have almost no leverage, and she has seen buildings offer three months free to new tenants and rate reductions to keep ones already in place.
!ping YIMBY
More
dw they will say the illegal deportations caused this!
Lord I see what you have done for others
Living somewhere where rent is up 20% YoY, I can’t fathom it going down in some places. It’s such a kick in the nuts.
rip to my brother, moved out of Austin because it was too expensive just in time for this
Blue states doing their best to give Texas electoral votes.