The rents will rise again
Sorry.
Not long ago, it felt unfathomable that housing prices or rents would ever drop in Austin. As is often the case with home prices in America, when they're going up, a quasi-religious belief takes hold that up is the only way they can go. Sometimes that comes from a place of optimism (for incumbent homeowners) and other times from a place of resignation and cynicism (for renters & aspiring homeowners).
But over the past two years home prices and rents have come down. A lot. Unless you're trying to sell your home right now, that's great news.
Well, actually, it's also very bad news if you're a developer. Which is why we're starting to see a big slowdown in housing construction.
