Jay Parsons: Austin apartment rents down 3.9 percent in June as supply slows

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56 min ago

Jay Parsons: Austin apartment rents down 3.9 percent in June as supply slows — Austin rent declines slow with supply drop

Jay Parsons reports that Austin has demonstrated what happens when substantial apartment supply is added, leading to falling rents. However, Parsons notes that new supply is now dropping sharply, and rents are beginning to shift direction.

He points out that while rents in Austin were still down 3.9 percent as of June, the decline was less steep than the earlier 7.5 percent drop.

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Parsons has previously reported on significant market shifts in the apartment sector. He noted that Brin sold his stake in New York City rent stabilized apartments for six cents on the dollar, marking a major loss. In an earlier piece, Parsons highlighted that private equity has greatly expanded the U.S. housing stock, with millions fewer homes likely without its involvement.

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