The residential lease market in various cities shows distinct trends in price activity for 2024. According to recent data, the Entire MLS saw 6,776 active residential lease listings. Of these, 52.2% showed price drops, 46.3% remained unchanged, and only 1.5% saw price increases. These figures highlight a significant shift in pricing dynamics across different cities in Texas.

In Austin, which had 3,500 active listings, 50.5% of the properties saw price decreases, while 48% remained unchanged. Only 1.5% of the listings in Austin had price increases, which is reflective of the overall trend in the broader MLS data. Other cities like Buda and Cedar Creek saw more dramatic decreases, with 55.2% and 58.3% of properties, respectively, experiencing price reductions. In contrast, Burnet, with 40 listings, had a higher percentage of unchanged prices at 60%, signaling a more stable leasing market in that area.

Price drops were also pronounced in cities such as Kyle and Hutto. Kyle, which had 225 listings, reported that 66.2% of its properties saw price drops, one of the highest percentages among the cities listed. Hutto followed closely with 58.1% of its 136 listings showing price declines. On the other hand, cities like Leander and Manor, despite having a significant portion of listings with price drops (56.3% and 56.4%, respectively), saw some price increases, with Leander seeing a 1.9% increase and Manor a smaller rise of 0.8%.

In contrast, cities such as Liberty Hill and Dale stood out with the highest percentages of price drops. Liberty Hill saw 64% of its listings with price decreases, and Dale, though having fewer listings (4 in total), experienced the highest price drop percentage at 75%. This shows how different cities within the region are experiencing varied leasing market conditions.

Some cities showed a more balanced or positive trend in price stability or growth. For instance, Lockhart experienced a 6.1% price increase, which was the highest among the listed cities, and only 39.4% of its listings had price drops. Similarly, Burnet saw 60% of its listings with no price change, indicating a more stable market there.

This detailed breakdown shows the diversity in the residential lease market across the cities in Texas, with some areas seeing significant price reductions while others remain relatively stable or even see slight increases. As we move further into 2024, understanding these shifts in pricing can help both renters and landlords make informed decisions.