Austin rental market gets more competitive as new supply ticks downward

The Austin rental market continues to shift as more housing units are being completed and residents look for the best deal possible. The real estate technology firm RentCafe’s latest Rental Competitiveness Index found that Austin has increased its housing stock by 1.1 percent over the past year, compared to a 2 percent increase the prior year. With a very small uptick in the number of apartment dwellers opting to renew their leases – coming in at 55.5 percent versus 55.2 percent the year prior – the city’s competitiveness score increased to 66.2 for the start of the 2024 rental season. In 2023, that score was 64.9. In Texas, the rental markets in Dallas and Fort Worth were graded as more competitive than Austin, while San Antonio and Houston were more favorable for renters. Other findings of the report: Six renters compete for each available rental unit in Austin, while the average dwelling staying on the market for 43 days compared to a 40-day opening in 2023.