Photo: Julius Shieh (FOX 7 Austin)
AUSTIN, Texas - Texas rent prices have been declining faster than the national average, a new report says, and one major city in particular is leading the charge.
New rent price study
After a steep climb in nationwide rent prices following the COVID-19 pandemic, the numbers have been either staying flat or slowly decreasing across the country year by year since then, according to a new study released by ApartmentList.com.
Texas prices have been declining at an annual rate of about 2.9% on average since 2021, the report says. In comparison, the nation's prices decreased by 1.5% as a whole in the past year.
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Austin sees sharpest drop
Austin has seen the nation's fastest drop among comparably-sized cities, the report says, with a 5.9% decrease in the past year. It's down a total of 20% since its peak in 2022.
The report says the city is also significant for permitting new homes at the fastest pace of any large metro in the country, indicating the impact of new supply on softening rents. San Antonio is similar in this regard, the report says.
Photo: Julius Shieh (FOX 7 Austin)
Cities with fastest growth
The other side:
On the reverse, Virginia Beach, VA saw the fastest growth in the nation over the past year with 5.3%.
Two Bay Area metros, San Francisco and San Jose, were next in line for fastest growth. The report says this is largely due to the AI boom and steep climb in tech jobs in the area.
FILE-View of the Golden Gate Bridge from Marine Headlands with San Francisco, California, USA in the background. (Wolfgang Kaehler/LightRocket via Getty Images)
The Source: Information in this article comes from ApartmentList.com.