A quarter of Austin renters spend half their income on housing
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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.
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.