Nearly a quarter (23.6%) of Austin renters are spending more than half their income on housing, slightly less than the national rate, according to U.S. Census Bureau data out this week.
Why it matters: An excessive rent burden can make it harder to afford other basic needs, like groceries and transportation — or to save for a down payment and build home equity.
Yes, but: There are promising signs for Austin renters as the market cools.
The average asking rent for apartments in the Austin area has continued to fall over the last year, now hovering around $1,600 per month, according to CoStar Group data.
In the Austin area, half of Zillow rental listings offered at least one concession in June, such as free weeks of rent or free parking.
Data: CoStar; Chart: Jacque Schrag/Axios
Between the lines: Austin rents spiked during the pandemic as a growing number of remote workers increased apartment demand.
The bottom line: Since then, demand has slowed and rents have declined, but they still remain well above pre-pandemic rates.
Just before the pandemic, Austin's average apartment rent hovered around $1,425, per CoStar Group.