Never miss a story
Sign up for our free daily morning email...
...and afternoon text update
×
(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

Following the purchase of a converted 34-foot-long van, Addicus' Legacy Dog Rescue's pups headed to their forever homes in style during its maiden voyage last week.

Keep Reading Show less

Ingredients:

  • 1 1/2 oz Tito's Handmade Vodka
  • 2 oz sparkling water
  • 1/2 oz coconut sugar simple syrup
  • 1/2 oz lemon juice
  • 2-4 kiwi slices, peeled
  • 2 basil leaves
Directions: Muddle kiwi slices in a shaker tin. Add Tito's Handmade Vodka, syrup, lemon juice, basil and ice. Shake and strain over fresh ice in a glass. Top with sparkling water. Garnish with a basil leaf and kiwi slice.
(Austin Public Health/Twitter)

Eighty-seven providers in Travis County will receive a total of 75,540 doses of the COVID-19 vaccine for the week of March 8 as part of the 13th weekly allocation, a nearly 62% increase compared to last week's. The significant increase is largely due to inclusion of the new Johnson & Johnson vaccine, which received an emergency use authorization from the FDA last weekend.

The bulk will go to hub providers Austin Public Health and UT Health Austin, the clinical wing of Dell Medical School, as well as to Seton Medical Center, which will receive the largest share of this week's shipment. These three providers will either receive doses from Moderna or Pfizer.

Keep Reading Show less