If you’re tired of being bummed out by Austin real estate headlines, we’re stoked to say that this 2023 year-end recap finally brings some good news for renters to the conversation. It looks like we’re catching a break when it comes to rent hikes—according to Zillow’s market report covering median rents over time, apartment rents in Austin have decreased by $165 compared to this time last year.
WHAT HAPPENED? LET’S REWIND.
Brace yourself—we’re taking it back to the infamous summer of 2022. If you were apartment hunting in Austin around that time, you probably—rightfully so—have tried your best to block that experience out. Both the heat and the rent prices were at all-time highs. Inflation, skyrocketing home prices, hordes of people moving to Austin, and a lack of available apartments all contributed to demand increasing, and thus, the really f***ing expensive rent. We renters were between a rock and a hard place; moving to a new apartment was going to be costly, and the renewal rates for our current leases weren’t looking much better.
Starting in April of 2023, we’ve started to see prices gradually drop again. Real estate developers are rapidly building apartments to keep up with the market—over 23,000 units are projected to be completed in and around Austin this year—and when supply increases and demand is met, you get competition. The last thing properties want is for their apartments to sit vacant. In order to incentivize renters to pick them over the place next door, they offer upfront move-in specials or, as a last resort, reduce their market rents.
TL;DR, apartment complexes are entering their season two Meredith Grey era
Based on these trends, we anticipate renewal rate increases will also be milder—those 40% rent hikes we were seeing are a thing of the past for now. As soon as your renewal hits your inbox, we recommend working with an apartment locator (cough, us) to scope out options and make sure you’re getting the best deal possible. Even if your updated rate isn’t as much of a jumpscare as it was last year, you may be able to secure a nicer apartment for less than what you’re paying now.
2023 AUSTIN NEIGHBORHOOD REPORT
Out of the 6,300+ Austin renters who worked with us to find their places this year, our team reported that South and East Austin were the most requested areas of the city. North Central Austin was the least expensive area to rent in this year, with the Highland, St. John’s, and Coronado Hills neighborhoods tying at a $1442 average rent. On the other hand, Downtown Austin reigned as the priciest area with an average rent of $3212.
OUR 3 TOP-LEASED APARTMENTS IN 2023
The results are in! These three apartment complexes were our clients’ most-moved-to in 2023.
1 | EAST/78721
This brand-new complex took the top spot for our clients this year. On top of competitive pricing for the area, this place has consistently offered sweet move-in specials since opening early this year. Tucked away in a neighborhood in the 78721, renters love the quick access to Eastside hot spots—being 5 minutes from De Nada = cheap Ubers. IYKYK.
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2 | EAST RIVERSIDE – OLTORF
This newly-renovated property was a close runner-up thanks to the killer move-in specials they had going this year. Back in the summertime, our clients were securing an unheard-of 10 WEEKS FREE deal here. We love the low rates, new finishes, central location, and amenity upgrades at this place.
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2 | SOUTH/78745
After opening in February, this place consistently wowed our clients this year, easily taking the #3 spot. The units here are spacious—even the studios here feel big—and they all have ZERO carpet. Clients love the convenient location near South Austin staples like The Thicket food truck park, Far Out Lounge, Fast Friends Brewing, and all of the shops and eats in Southpark Meadows.
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That’s a wrap on our 2023 renting recap! We’re excited to continue being your ultimate Austin apartment locating resource in the new year.