August 27, 2024 | Driving It Home with ABoR's Housing Economist

In this episode of Driving It Home, Dr. Clare Knapp and Danielle Hammett, Deputy Director of Communications at ABoR, discuss the current state of Austin's rental market, comparing it to other metropolitan areas and exploring its implications for 2024. Dr. Knapp explains that Austin's rental market is slightly skewed toward renters, partly due to the city's major educational institutions. Dr. Knapp highlights the role of the rental market in providing affordability, especially in the context of high home prices and elevated mortgage rates. Over the past decade, rentals have grown in significance, now comprising around 40-45% of the market. While build-to-rent communities have slowed due to higher mortgage rates and construction costs, there's an increase in rental properties within the city of Austin, primarily as homeowners choose to rent out their properties instead of selling. Looking forward, Dr. Knapp suggests that Austin's rental market may see a slight slowdown as the market stabilizes and potential homebuyers adjust to mortgage rates. This could lead to more affordable rental rates and increased inventory, benefiting renters. The episode concludes with a reminder for agents to communicate the current market dynamics to their clients and consider both renting and buying options based on individual circumstances.   Links Mentioned Monthly Market Data Labs with Dr. Knapp - https://www.abor.com/course-type/market-data-labs ABoR Research - https://www.abor.com/research Buy vs Rent Index - https://www.abor.com/buyrentindex Download an episode transcript: https://www.abor.com/content/uploads/2024/08/DIH-8-27-24.pdf Listen On: Apple: https://podcasts.apple.com/us/podcast/driving-it-home-with-abors-housing-economist/id1714289732 YouTube: https://www.youtube.com/playlist?list=PLzH_caxJ3VPq5iExWilqZOahnREgSFgqC  Connect with us on socials: https://www.abor.com/socials Connect with Dr. Clare Knapp on LinkedIn: https://www.linkedin.com/in/clare-losey  Have feedback? Email us at [email protected].