Austin Rents Have Fallen Sharply Since Their 2022 Peak

Austin built more apartments per capita than nearly any other major American city over the last several years. That supply has finally landed, and rents across the metro have retreated meaningfully from their 2022 records.

Concessions are now common: a month or two free, waived fees, reduced deposits. Newer buildings in the urban core and in the northern suburbs are competing hardest, which has pulled the whole market down with them.

For renters, the relief is real but uneven — older, well-located product in central neighborhoods has held value better than brand-new towers still filling their first leases.

For owners and investors, softer rents change the math on holding versus selling. If a property was underwritten on 2022 rent growth, it deserves a fresh look this year.