Right now might not seem like the best time to make a move, but then again, it might just be the best time. That’s because Austin apartment prices are dropping for the first time in years.
According to the Austin Business Journal, this is typically the time of the year when rents will begin to tick up. Instead, because of the pandemic, rents in Austin are declining for the first time in years as moves have slowed down dramatically due to shelter-in-place orders and job losses.
Our Executive Vice President Natalie Young told CBS affiliate KEYE, “The apartment market in Austin has always been a roller coaster.”
In regards to the prices we’re currently seeing, she said, “I’ve seen rates that I saw about 6 to 8 years ago in some areas.”
Numbers from Apartmentdata.com show from March to April rent in Austin dropped by 1.5 percent. And though it does vary from community to community, “in the past Downtown Austin has always been a strong market,” Young explained.
Downtown is one the areas where we are seeing the most decline with many properties offering incentives. “We have seen two months free in Downtown Austin, $2,000 off in Downtown Austin. We are seeing some really tremendous specials,” Young said.
If you want to know more about those specials and incentives, make sure you follow our Instagram account where we post every day about the best deals in Austin.
Keep in mind that prices could swing in the other direction at any time as more people get back to work.
“All of our rates have always been based on supply and demand. So when our demand increases our rates will go back up,” said Young.
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