Supply & Demand keeps winning
Don't expect mea culpas from the housing deniers.
KUT's Audrey McGlinchy has another update on the Austin housing market:
As tens of thousands of new apartments have opened in Austin and the rate of people moving to the city has slowed, rent prices have been falling. For more than a year.
According to new numbers from Zillow, Austin is now leading the country in declining rents. But this time few other large U.S. cities are following.
The typical monthly rent in the Austin metro is down nearly 4% compared to last summer. Rents in similarly priced cities — including Dallas, Phoenix and Atlanta — are rising. The average monthly rent in Austin is now anywhere between roughly $1,500 and $1,800.
Don't hold your breath waiting for mea culpas from the know-nothing elected officials and activists who have spent the past decade claiming that new housing will actually drive prices higher. It was never about affordability for them.
