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Austin's average rent continues to fall—and now trails San Marcos and Leander
(Peter French/CC)

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.


A new study done by RENTCafe declared that Austin rent has fallen by 4% since this time last year, sitting just below the national average.

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.

This is the biggest rent and occupancy dip Austin has seen in 10 years, according to the Austin-American Statesman. Apartment occupancy rates are parallel to what they were in 2002.

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.

Popular

Tito's releases (not so?) ugly sweater line for the holidays, profits to charity

Tito's Handmade Vodka

Show your love for Tito's and for the community this year with a wide selection of not that ugly, uglyish, ugly, uglier, and ugliest holiday sweaters.

There's lots choose from, and plenty of accessories like scarves and socks, plus gear for your dog, too.

All of the items can be purchased online or at the Love, Tito’s Retail Store in Austin, TX. 100% of all net proceeds from online or in-store purchases go to one of the nonprofits we’ve teamed up with.

Click here to see the entire collection in the Tito's store.

Mac and Cheese Fest and Free Art Exhibit
Waterloo Greenway, Good Vibrations Installation


🗓 All weekend

🎨 Creek Show Art Exhibit

Check out this highly anticipated art exhibition with illuminated art along Waller Creek. Tickets are free and the event includes food vendors, dazzling lights, live music, and hands-on activities

All weekend 6 p.m - 10 p.m | 📍Waterloo Park

✨ Mozart's Light Show

This iconic holiday tradition lights up for the first time this holiday season starting this weekend! Reserve your spot for an enchanting light and sound performance, delicious hot cocoa, sweet treats, and some overall fun with your friends or family. The show runs till January 6th.

6 p.m and 9 p.m | 📍Mozart's Coffee Roasters - 3825 Lake Austin Blvd, Austin, TX 78703

🗓 Saturday

🥊 Kickboxing in the Park

This fitness event is free and open to the public. Get your morning started right with a "Fitness in the park" class for kickboxing! The class will be led by certified instructors and is a great way to get a cardio workout in while also honing your self-defense skills.

10 a.m - 11 a.m | 📍 Metz Park

🛍 The Front Market

Support local LBGTQ+ and female artists at this outdoor market with over 150 vendors. Get your holiday shopping out of the way at this event, with vendors for food trucks, handmade goods, raffles, hands on workshops and activities, and more.

11 a.m - 5 p.m | 📍Ani's Day and Night - 7107 E Riverside Drive, Austin, TX 78741

🗓 Sunday

🧀 Mac and Cheese Fest

Did someone say cheese?! If you're like me and always willing to get your hands on a bowl of mac and cheese, then this event is for you. Check out the Mac and Cheese festival happening this weekend to decide which vendor has. the best mac and cheese for yourself, and enjoy the bar with creative cocktails while you're at it. Tickets start at $45.

11 a.m - 3 p.m | 📍Lantana Place - 7415 Southwest Parkway