Austin, Texas, added 120,000 new homes in the decade from 2015 to 2024, and that growth in supply led to a substantial drop in rents.
That was because of policy changes that started in 2015 to address a surge in demand as the city became a tech hub. The city saw a 93% increase in the average rent from 2010 to 2019.
But policy shifts led to results. According to the Pew report: “In December 2021, Austin’s median rent was $1,546, near its highest level ever and 15% higher than the U.S. median ($1,346). By January 2026, Austin’s median rent had fallen to $1,296, 4% lower than that of the U.S. overall ($1,353). This decline occurred even though the city population grew by 18,000 residents from 2022 to 2024.”…