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Austin American-Statesman reports, "just as it is a buyer's market in Central Texas' single-family housing market, so too is it a renter's market in the Austin-area apartment market.

Likely to the dismay of landlords and delight of tenants, Austin saw the second-steepest yearly decline among metros in the latest study by Rent.com.

Rents in Austin dropped 12.5% in December compared with December 2023, according to the study, which tracked rates in the nation's 50 largest metros.

Asking rents in Austin were $1,985 a month in December, versus $2,270 a month the prior December, the study said.

Austin's decline was followed by Raleigh, North Carolina, where rents dropped almost 12.2% to $1,873, and the Las Vegas-Henderson-Paradise metro, where…

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