Before the pandemic, Tyson Bird and his girlfriend decided to upgrade from their one-bedroom apartment in Brentwood to a two-bedroom place in the Riverside neighborhood, where they felt they could find a newer building with more affordable rates than in other parts of town.
When the first COVID-19 cases were reported in March, they were still looking. Although the lockdown and subsequent restrictions meant they couldn't tour places in person, the couple was pleasantly surprised by what they found.
"The prices were a lot lower than we expected," Bird said.
So low, in fact, that they ultimately moved into a two-bedroom place in Clarksville, which they originally thought was out of their budget.
"We expected to pay a couple hundred more," Bird told Austonia of their new place. Instead, he and his girlfriend pay $85 more a month for double the square footage in a building 30 blocks closer to downtown. "It was a no-brainer," he said.
The couple is not alone in their discovery.
The average monthly rent of Austin-area apartments fell from more than $1,300 in March to less than $1,225 last month, according to the latest report from ApartmentData.com. Occupancy rates are showing a similar decline.
Cindi Reed, regional vice president of ApartmentData.com, said other Texas metros are seeing their rental markets start to stabilize eight months into the pandemic—but not Austin's.
"Our rates were greatly overinflated, in my opinion," Reed said, explaining that local rents had long been the most expensive in the state. "Our fall was going to be bigger because we were higher."
Additionally, Austin has a greater proportion of its apartment stock under construction or proposed than other cities. Currently, there are nearly 44,000 units in development across 150 properties.
New buildings tend to be in the Class A—or most luxurious—category and cater to recent arrivals lured to Austin by jobs in the tech sector and other booming industries.
"That's what drives us," Reed said. "Absorption is high when job growth is high."
But many major employers—including Amazon, Apple and Indeed—have said they don't plan on returning to their offices until next year.
Without new arrivals to fill these units, 61% of Class A properties and 41% of Class B properties are offering incentives in the form of discounted rent or other deals, Reed said.
Additionally, despite this historic downturn, many tenants are struggling to stay in their homes because of lost jobs and other financial hardships.
But not everyone is frustrated.
"Renters can utilize some of these benefits right now," Blair said.
Like Bird, some Austin renters may find that they can afford a bigger apartment in a more desirable location for around the same price.
Others, spurred by the low interest rates and more flexible remote work options precipitated by the pandemic, may seek out homeownership.
"There is a migration from the inner core of the city, (where people are) paying outrageous downtown rents, to the outer suburban areas, where things are more affordable," Reed said. "If you're paying $2,500 a month in rent downtown, you can buy a beautiful house for that (same amount) and build equity."
Despite the pandemic, the local housing market remains scorching.
The median home price in the city of Austin hit an all-time high of $435,000 last month—a nearly 15% year-over-year increase—according to the Austin Board of Realtors' latest report.
But the rental cool down appears here to stay.
"Our previous place is still listed," Bird said. "Right now, it's $100 less (a month) than we paid the last two years."
More on housing:
- Austin launches $17.75M COVID rental assistance program - austonia ›
- Austin housing market rebounds but apartments struggle with COVID ›
- 'Tables have turned' in the Austin rental market, with fewer ... ›
- Austin rent skyrockets over past decade, despite COVID-19 - austonia ›
- McKalla Place, Giga Texas and other Austin towers in 2021 - austonia ›
- Austin housing market broke records in 2020 despite COVID - austonia ›
- How to Austin: a field guide to a weird city - austonia ›
- Austin's housing market is hot, but buyers feel burned out - austonia ›
- 7 reasons who the ACL could return to Zilker this October - austonia ›
- Report: Austin homes are selling for 7% above list price - austonia ›
- Austin housing prices continue climb despite growing pains - austonia ›
- Downtown Austin Alliance maps out post-COVID recovery plan - austonia ›
- Austin's rental market rebounds after pandemic slump - austonia ›
- Austin leads U.S. tech hubs in post-pandemic rent rebound - austonia ›
- Austin rents continue post-COVID rise thanks to homes frenzy - austonia ›
- After COVID lull, Austin sees biggest year-over-year rent increase among U.S. tech hubs - austonia ›
- Austin tops Texas cities for rent growth in 2021 - austonia ›
Experience luxury grooming the old-fashioned way at a revival of the Driskill Hotel’s early 1900s barbershop put on by Austin-based Finley’s. The pop-up will offer men’s haircuts, beard trims, hot towels, neck massages and straight razor shaves. Click here to book an appointment.
9 a.m.-6 p.m. Friday-Sunday | The Driskill Hotel, 604 Brazos St.
Catch veteran Australian comedian Hannah Gadsby touring with her newest show, “Body of Work,” written while she pondered the effects of the pandemic. Tickets are still available in the orchestra section, starting at $60.
Doors at 6 p.m. Friday | The Paramount Theatre, 713 Congress Ave.
Alexander James O'Connor, AKA Rex Orange County, is returning to Austin to perform his newest album, “Who Cares?” Tickets are still available starting at $49 each.
Doors at 7:30 p.m. Friday | Germania Insurance Amphitheater, 9201 Circuit of The Americas Blvd.
Catch our local Minor League team play against the El Paso Chihuahuas at home this week. Tickets start at $22.
Starting 7:05 p.m. Friday | Dell Diamond, 3400 E Palm Valley Blvd.
Enjoy a night of indie-pop from Grammy-winning producer Jack Antonoff, whose stage name is Bleachers, from the intimacy of Stubb’s. Tickets are still available starting at $33.Starting 7:05 p.m. Saturday | Stubb's Waller Creek Amphitheater, 801 Red River St.
Catch the groovy, Bastrop-born brothers are taking their rightful place on stage with soulstress Latasha Lee at Antone’s. Arrive early, seating fills up quickly! The show is 21+ and tickets start at $15.
Doors at 7 p.m. Saturday | Antone's Nightclub, 305 E 5th St.
Famous former Longhorns Emmanuel Acho and Matthew McConaughey are joining forces for a Q&A about catching greenlights and living a limitless life. Each ticket will get the holder a copy of Acho’s new book, “Illogical: Saying Yes to a Life Without Limits.” Tickets are $39 per person.
1:15 p.m. Sunday | LBJ Auditorium, 2313 Red River St.
Austin FC is facing off against Orlando City at the biggest party in Austin, Q2 Stadium. Tickets are still available starting at $65 but ticketless Verde fans can still support at one of the many Pub Clubs.7 p.m. Sunday | Q2 Stadium, 10414 Mc Kalla Pl.
Over a year after they took the stage for the first time in Los Angeles, Austin FC returned to Banc of America Stadium to snatch the No. 1 spot from LAFC in a 2-1 statement win late Wednesday night.
Austin FC, which has flirted with the top spot in the MLS West this season, has now solidly reached the summit just a year after its second-to-last first season finish. The new top dogs are now 7-2-3 overall.
Here's a look at three highlights from the match:
Flashback in LA
For many Austin FC fans and naysayers alike, the match was more than a fight for the MLS West throne: it also served as a symbol of how far the team has come.
The two clubs first met on the Banc of America pitch as Austin FC saw its first game and first loss all at once in a 2-0 battle last April. It was an exciting but shaky start to the club's first season, and the loss seemed to set the tone for the rest of its inaugural year as the club dipped to second to last in the conference.
If Austin's first season was hallmarked by its first match, then its second-year success was foretold by its back-to-back five-goal victories to kick off the season.
Since then, the club has battled its own first-year shadow, claims of "bonus games" and a few unexpected obstacles—both on and off the pitch—but it has almost always come out on top.
That fight to the top was fully realized Wednesday, even as the club played its toughest opponent yet. Even with a man down in the middle due to Daniel Pereira's red card last game, the club kept its cool through even the trickiest moments of the match. Jhojan Valencia, who patched the Pereira hole in midfield, got his first MLS start and first MLS assist as Ruben Gabrielsen scored the first goal of the game.
Gabrielsen came to Austin FC as a potential hero for the team's center back position, but the club's resident Viking has already nabbed two goals in his first season with the team.
"That's center forward material," Austin FC announcer Adrian Healey said as Gabrielsen took control of Valencia's pass, paused to fake out the defense, and calmly tucked the ball into the left corner to complete the first goal of the match.
Even as LAFC dominated possession for much of the match, Austin FC saw another wide-open goal opportunity crumble as midfielder Diego Fagundez's shot hit the corner goalpost in the 23rd minute.
But Fagundez wasn't finished. The midfielder was short on his Verde hair dye but full of surprises as he nimbly sunk a shot over LAFC defense to make it 2-0 with 10 minutes to go.
Fagundez, who has spent more time setting up goals for his teammates (becoming the No. 1 assister in the MLS in the process), finally took the center stage with his second goal this season.
Owen Wolff, head coach Josh Wolff's own son, had a scoring opportunity of his own foiled by the goalpost as he started his first MLS match as one of the youngest starters in the league this season.
But Austin FC wouldn't score again; instead, LAFC powerhouse Carlos Vela made the win a bit trickier in the 86th minute as he got past Austin keeper Brad Stuver to cut the lead in half. The other Wolff quickly subbed in a five-prong defense as the club kept steady for the final 10 painstaking minutes to win the match.
BONUS: Stuver's career-making match
Six saves on the night in LA for Brad Stuver! 🚫 pic.twitter.com/02V6hcUd3Y— Major League Soccer (@MLS) May 19, 2022
After two weeks on the bench due to a knee gash, Austin's star keeper Brad Stuver had the Stuver-iest match of all time (yes, we're making it a word) as he pulled off six saves to help his team to No. 1.
Stuver looked like a pinball machine as he pulled off save after save with his feet, hands and body to keep it nearly 100% clean on the back end.
- Dominguez, summer heat shrouds Austin FC in 1-0 LA Galaxy loss ... ›
- Masks, Meh-teh and a miracle chicken: Meet the 'cryptids' of Austin FC ›
- Austin FC spends less than most first-year expansion teams - austonia ›
- McConaughey meets Ferrell: Austin FC's first match is a battle on ... ›
- From 'MLS in Austin' to Austin FC's first match: A guide to the first ... ›