Austin’s surge of new housing construction drove down rents

Austin, Texas added 120,000 new housing units from 2015 to 2024—a 30% increase—driven by zoning reforms, a $250 million affordable housing bond, and streamlined permitting. As a result, median rents fell from $1,546 in December 2021 to $1,296 by January 2026, dropping below the national median despite continued population growth. Austin's multi-pronged regulatory approach demonstrates how removing interconnected barriers to housing supply can reverse rent increases, particularly benefiting lower-income renters in older buildings.