Rents are falling in some hotspot cities due to a 'timing mistake' by homebuilders

Rents in Austin have fallen around 8% since mid-2023. Other US cities have seen increases up to 16%. Jay Janner/The Austin American-Statesman via Getty Images Rents continue to rise in major US cities, including New York and Chicago. In Austin, however, rents dropped 8% since mid-2023. Real estate consultant Aziz Sunderji explained the factors that create uneven housing markets across the country. Rents have moved in opposite directions across major US cities since mid-2023, and changes in where Americans are moving and how much those cities built in response could explain why. Cities like New York and Chicago have seen their rents rise , while others, like Austin, have seen them fall by around 8%, according to a study by Aziz Sunderji, founder of Home Economics, a publication about the US housing market.