Multifamily Rents in Austin Fall for First Time Since 2010

The effects of the coronavirus pandemic is most readily observed in the multifamily sector. Daily apartment asking rents, which is made up of more than 100,000 observations a day in Austin, continue to fall since the recent peak observed on March 11. Rents finally dipped into negative territory over the past year, the first time the market has seen rent growth in the red since the Great Recession in 2008-2009.