Austin has rightfully gotten attention for making it easier to build and seeing rents drop. The extent of their success is remarkable. They added housing at 3x the rate of the U.S. over the past decade. Rents fell from 2021-2025 even as rents rose in Texas and the U.S.

And the converse is also true. Rents have been falling fastest for older, naturally affordable (Class C) apartments in metro areas that have added the most housing.