COVID-19 has certainly made its presence known in the Austin real estate market, creating ripples that could potentially last for years to come. Although home ownership is rising here in the capital of Texas, rent is on a decline that could be attributed to the virus.
In October 2019, the average rent cost in Austin was around $1,442 per month and followed a steady, albeit gradual, decline in March, when pandemic restrictions were issued. This October, rent averages clocked in at $1,385.
RENTCafe noted that despite Austin being a renter-majority city, with 55% of residents renting, and a business hub, rent is still lower than the national average.
Although the differences are modest, Austin's average rent dropped below that of two neighboring cities: San Marcos, whose average dropped 0.6% to $1,443, and Leander, whose average increased 4.3% to $1,408.
Theories on why the drop occurred include unemployment rates and loss of income due to COVID-19, renters deciding to buy and the construction of new apartments, adding thousands of units, in the area.
Inversely, the Austin-area home ownership rate—or the portion of homes that are owner-occupied—is higher than it has been in over 12 years, at nearly 75%.Austin is not alone, as major cities like New York City and San Francisco are seeing rent drops as well.
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Whether you became a home chef when the pandemic began or have always enjoyed crafting delicious meals, it’s undeniable that no home is complete without a cozy kitchen.
Take a peek at these five gems on the market now.
In the South Austin Parten community, this castle-like four-bedroom, three-and-a-half bathroom stunner puts you just minutes from Austin, Dripping Springs and other nearby communities. Stark white and black contrasting features give the interiors a clean look, while a large curving staircase serves as a centerpiece for the ground floor. The chef’s kitchen is spacious, facing the living room and multiple windows, and immediately draws the eye. Upstairs you’ll find a spa-style bathroom, game room with a wet bar and Hill Country Views.This listing is held by Adam Zell and Lexie Zell.
This hyper-modern, 3,300-square-foot Scandinavian-styled home is a paradise for natural light in Hyde Park. With four bedrooms and three-and-a-half bathrooms spread across one story, the home rests on concrete columns to protect from extreme climate conditions. Inside, you’ll find crisp, clean trim in the open-plan kitchen with built-in luxury appliances and a walk-in pantry. Lofty 12-foot ceilings and gigantic windows set the tone, with a wet bar and second living room for entertaining. When you retire to the master bedroom, enjoy a warm bath in the soaking tub or enjoy the multi-output shower.
This listing is held by Austin Stowell.
In the heart of Westlake, this stacked three-story new build is a sprawling 4,483 square feet with five bedrooms and four-and-a-half bathrooms. The home is centrally located and full of natural light, especially on the open concept first floor, which includes the kitchen, casual dining space and living area. The third floor has a bedroom and loft, perfect for the at-home worker.
This listing is held by Jen Templeton and Cheryl Albanese.
This 3,539 square foot, three-bedroom, three-and-a-half bathroom Tarrytown townhouse is newly remodeled but still holds on to its vintage charm. Bright white cabinets, a green accented island and quartzite countertops in the kitchen give the space a cheery feeling. Entering on the second floor, you’ll have to walk downstairs to get to the bedrooms, which include ensuite baths and walk-in showers. The third level bonus room is the perfect place for an at-home office.This listing is held by Cindy Fowler.
Just outside Austin in the sleepy town of Wimberley, the Backbone Ridge Ranch is one of the city’s most “iconic and pristine” properties. On nearly 50 acres of land, the house takes you into nature without getting too far from nearby cities. With 4,369 square feet, six bedrooms and six-and-a-half bathrooms, floor-to-ceiling windows effortlessly light the entire space. You’ll feel like a celebrity chef while cooking in the kitchen, even more so entertaining from the outdoor kitchen and living space. The 33,000-gallon quarried limestone pool is perfect for those hot Hill Country summers!This listing is held by Nicole Kessler.
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Sample some spirits
When: 11:30 a.m. Friday, Saturday and Sunday
Where: Desert Door, 211 Darden Hill Rd. Driftwood
What: Attend Desert Door Distillery’s first Explorer Series of 2022. Guests will be able to sample Caliber on its own or in a delicious cocktail.
Eat some chili
When: 12 p.m. Saturday
Where: Sagebrush, 5500 S. Congress Ave.
What: Enjoy great chili and great music at the 14th Annual Chili Cold Blood Chili Cook-Off. All proceeds will be donated to Health Alliance for Austin Musicians in memory of Nick Curran.
Enjoy some local art
When: 4 p.m. Saturday
Where: Neill-Cochran House Museum, 2310 San Gabriel St.
What: The Neil-Cochran House Museum will host a multi-media art exhibition by Austin artist Nell Gottlieb, titled “Land as Persona: An Artist’s Journey.” Gottlieb works in multiple media to reexamine her coming of age, white and female in the Jim Crow South.
Catch some improv comedy
When: 7 p.m. Sunday
Where: GameOn! ATX, 1515 Dungan Ln.
What: ColdTowne ThrowDowne is an improv comedy tournament between troupes that will take place in front of a live studio audience and streamed live to the world on Twitch.
Catch a Johnny Cash-style show
When: 7:30 p.m. Sunday
Where: Georgetown Palace Theatre, 810 S. Austin Ave.
What: Experience music history with a unique musical about love and faith, struggle and success, rowdiness and redemption, and the healing power of home and family set to the tune of the legendary Johnny Cash.