“A building boom in Austin, Texas has paid off big for renters.
There, residents’ rents have tumbled 22% from their peak in the summer of 2023, Bloomberg reported. The formerly low-cost city took on a new reputation in 2021 as a prohibitively pricey locale, as companies and young workers flocked to the Lone Star State’s capital. Heavy investment in development and ambitious housing policies, however, have flipped the script between renters and landlords.
Nearly all apartments in Austin are doing some sort of special for move-ins, one agent told Bloomberg.”
https://www.yahoo.com/news/covid-boomtown-seeing-biggest-decline-175920025.html
“The construction industry needs to attract 439,000 new workers this year to meet demand, otherwise costs will rise — putting some projects out of reach — per projections from the Associated Builders and Contractors trade group out Friday morning.”
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“Immigrants make up about 26% of the construction workforce, per census data cited by Pew Research Center last fall.”
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“An estimated 13% of construction workers are undocumented”
https://www.axios.com/2025/01/24/trump-immigration-construction-industry
“The relief comes after a construction boom added tens of thousands of new units to the metro area last year alone, largely in its urban core. Builders rushed to Denver to meet demand from a population boom before and during the pandemic and are now completing them as growth has slowed.
“Everybody that wanted to move here because of remote work has moved here,” said Brian Sanchez, chief executive officer of Denver Apartment Finders, a locator service. “The demand is not keeping up with the supply.”
Between 2010 and 2020, the Denver region grew by more than 16% to nearly 3 million people. Since 2020, its growth has slowed to about 1% annually.
Rents for apartments of up to two bedrooms in the Denver metro area dropped 5.9% last year, according to Realtor.com. That’s a faster decrease than several other onetime hotspots for pandemic-era migration and construction, like Austin and Nashville. There, rents fell 5% and 4.4%, respectively in 2024.”
https://finance.yahoo.com/news/move-over-austin-denver-rents-are-falling-at-one-of-the-fastest-rates-in-the-country-131643629.html