Austin Renters Enjoy Lower Housing Costs

The U.S. rental market has seen three consecutive years of rent declines for 0–2 bedroom properties in the 50 largest metros. National median rent dropped 1.3% year-over-year to $1,695, still 15.3% above pre-pandemic levels. Austin's median rent fell 3.2% to $1,378, making renting more affordable. Renting remains cheaper than buying in Austin, with buying costs 139% higher than renting. Some markets are becoming more favorable for buyers.