A city that treated the housing crisis like a five-alarm fire made it legal to build so much housing that it actually reduced rent by a lot. Who would’ve guessed?
Austin, Texas, where rents dropped by a full 6 percent over the past year, more than in any other large metro area in the US. The Austin area’s median rent, at $1,274, is back to roughly where it was right before the pandemic — which means that, in 2026 dollars, it’s significantly cheaper than it was in 2019.