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Rents are rebounding. Although tech hubs are still seeing year-over-year declines, they are shrinking. And some metros, including Austin, are outperforming the median. (Adobe)
The rental market in tech hubs, including the five-county Austin metro, is climbing back up to pre-pandemic levels.
The U.S. median April rent was $1,483, up 2.7% year-over-year and the most marked increase since March 2020, according to a monthly report from Realtor.com. Rents in tech hubs, where prices fell dramatically due to remote work, are also on the rebound. Although they were still down 5.4% year-over-year in April, they are still up from the 6.6% decline recorded in February.
Austin is among the metros leading this charge. The median April rent in U.S. tech hubs was up $2,086, up 1.1% from March. In Austin, rent was up 1.7% year-over-year, second only to Denver. Other hubs, including San Jose and San Francisco, in California, are still posting double-digit declines.
"In tech centers, rent declines are getting smaller, signaling they are on the path to turnaround," Realtor.com Chief Economist Danielle Hale said in a statement. "If the trend continues, renters could expect to be paying pre-pandemic rates by as early as this fall."
The work-from-home migration led many renters and prospective homebuyers to prioritize more space. The desire has been reflecting in home listing prices here in Austin as well as in rents for larger units across the country, according to the Realtor.com report. The median April rent for two-bedroom units across the U.S. was $1,662, up 5.2% year-over-year and surpassing their pre-COVID growth rates. The median April rent for studios, on the other hand, was down 1.9% over the same period.
This represents a notable change from earlier in the pandemic when the local housing market was scorching hot but area rents remained depressed.
Bruce McClenny, president of ApartmentData.com, attributed Austin's recent rental market recovery to a combination of factors: job growth powered by companies such as Tesla, Oracle and Samsung; relocations; and an increasingly pricey housing market. "Austin's home market is probably hotter than ever," he recently told Austonia. "That has to play into the rental market right now.
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Popular
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.
🗓 All weekend
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
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
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
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.
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
