The Austin Rental Market Trend Report analyzes four key data points: active listing growth, renter lead growth, average renter leads per property, and the average rent price for two-bedroom listings.
Active Listings – Our first data set is the month-over-month change in the total number of active rental listings advertised on the TurboTenant platform. Factors such as seasonality will impact this number, with the rental season peaking January through August. Due to the pandemic, eviction moratoriums, and stay-at-home orders, more month over month fluctuations were reported in nearly every market we analyze. Traditionally, this data point helps us gauge the rental supply in each market and provides a more in-depth seasonality analysis. Through the lens of 2020, inconsistencies in baselines were noted. As we compare 2021 to 2020 we will work to glean insights into if and when the rental market is beginning to normalize and mirror moving and inventory trends of years past.
Renter Leads – Our second data set is the month-over-month change in the total number of renter inquiries to a TurboTenant property listing. This data point is the demand side of our supply data point above.
Average Number of Renter Leads Per Property – Our third data point brings together the first two to give us a better understanding of the competitive landscape in each location. We compare the total number on a month-over-month basis.
Average Rent Price – Our fourth data point is the average rent price for a two-bedroom listing. Our analysis begins in January of 2020 and will continue throughout 2021. We want to understand how factors such as outmigration, changes in remote work and school, and eviction moratoriums impact rent prices in any given market.
Austin Rental Market Trend Analysis
Listings in Austin appear to follow seasonality trends – March through May in 2020 saw decreases in active listings, but nothing too drastic even with the pandemic factoring in. January of 2021 saw the largest increase in listings at 119% – this is typical for January and a sign that rental inventory is rising. Inversely, February 2021 saw a large decrease in active listings, possibly due to winter storms and less of a demand from a strong January. Following seasonality trends, March 2021 saw a listing increase of 45%. April and May were still positive with a 13% and 9% increase in active listings as the rental season begins to pick up.
Renter Leads and Average Leads Per Property
March 2021 saw the most significant increase of leads in the reporting period at 1,291% – this tracks with seasonality trends. However, January of 2020 reported the highest lead average, with 23 leads per property reported. Average leads per property have been low in Austin for the past year, with the current average sitting at two – a steady decline since March 2021. City and urban out-migration have been volatile the past year and may be playing a part in rental demand.
Year-over-year the average rent amount for a two-bedroom listing is down over $200 as of June 2021. March, April, and May are the only months of 2021 where average rent has been higher than 2020 – this makes sense as rental trends start to normalize and the rental season picks up. The lowest average rent reported was in April 2020 at $1,375.
We will continue to update this data every month. If you have data requirements that are outside the scope of this article, please email [email protected]. We have ongoing data collection and are happy to supply another data set if it is available. Check out all of our COVID-19 landlord resources here.
If you are in the process of filling your properties, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.