Nowhere in the US are apartment rents declining as fast as they have in Austin. Average rents are down 22% from their August 2023 peak. This is according to Bloomberg. What seems to have happened is this: Lots of people started moving to Austin during the pandemic, rents jumped up dramatically, and so the city enacted policies to encourage more housing supply. Developers responded as they do and, between 2023-2024, well over 50,000 apartment suites were completed in the city. Now landlords have very little leverage in the market, and so rents are naturally dropping. It all makes perfect sense, but I will say that I'm surprised by the chronology. Apartment rents jumped 25% in 2021, there was a pro-development policy response, and then increased supply started flooding the market in 2023. How? Then again, Yahoo Finance is reporting that "builders [in Austin] typically take two years to go from buying land to welcoming tenants." That's development magic and I'd like some of it.
Cover photo by Carlos Alfonso on Unsplash

Here is a chart, via the New York Times, showing the US states with the greatest net migration in 2023:

This is calculated by looking at the difference between arrivals and departures for each state, but only within the US. And for the first year since 2014, Texas has overtaken Florida, though admittedly not by much.
I saw some discussion about this on Twitter, but I think it's important to point out that this is only domestic migration. Between 2023 and 2024, the US grew by some 3.3 million people. And 84% of this growth (about 2.8 million people) came from international migration.
I'm not sure how I missed this before, but ground has just been broken on what is being called "the world's largest 3D-printed community." Co-designed by ICON and Bjarke Ingels Group and "implemented" by Lennar, the community, which is located north of Austin, Texas, will consist of 100 homes ranging from 1,500 to 2,100 square feet. There are 8 different floor plans and 24 different elevations to choose from. Each home will also come with rooftop solar panels.
Here's a short description on how the overall construction process is working:
To automate the manufacturing of homes ICON is using its Vulcan robotic construction system, a large, transportable printer that can be used in tandem with Magma, a cement mixing machine. The homes are being constructed out of Lavacrete, a durable-concrete polymer added in layers to form the structure’s facade and foundation by Vulcan. Their design blends Texas ranch vernacular with sustainable technology, providing a model for the future of large-scale 3D construction. The residences will adhere to a common design, featuring metal roofs, concrete floors, and distinct curvilinear and rib-textured concrete walls, which are the product of 3D printing.
It is quite a different looking construction site:
https://twitter.com/ICON3DTech/status/1590826831368040449?s=20&t=arC32yYkYM1hEqOyQNOflA
Now, there is certainly a conversation to be had about what these machines are building as a housing typology: This is still suburban sprawl, regardless of how the homes are being made and if there are solar panels on the roof. But if you ignore all of this for a minute, there is obviously something pretty incredible about 3D printing being able to now deliver stuff at the scale of a suburban housing project. It represents a fundamental change in how we build, in an industry that has a long history of changing very little.
Nowhere in the US are apartment rents declining as fast as they have in Austin. Average rents are down 22% from their August 2023 peak. This is according to Bloomberg. What seems to have happened is this: Lots of people started moving to Austin during the pandemic, rents jumped up dramatically, and so the city enacted policies to encourage more housing supply. Developers responded as they do and, between 2023-2024, well over 50,000 apartment suites were completed in the city. Now landlords have very little leverage in the market, and so rents are naturally dropping. It all makes perfect sense, but I will say that I'm surprised by the chronology. Apartment rents jumped 25% in 2021, there was a pro-development policy response, and then increased supply started flooding the market in 2023. How? Then again, Yahoo Finance is reporting that "builders [in Austin] typically take two years to go from buying land to welcoming tenants." That's development magic and I'd like some of it.
Cover photo by Carlos Alfonso on Unsplash

Here is a chart, via the New York Times, showing the US states with the greatest net migration in 2023:

This is calculated by looking at the difference between arrivals and departures for each state, but only within the US. And for the first year since 2014, Texas has overtaken Florida, though admittedly not by much.
I saw some discussion about this on Twitter, but I think it's important to point out that this is only domestic migration. Between 2023 and 2024, the US grew by some 3.3 million people. And 84% of this growth (about 2.8 million people) came from international migration.
I'm not sure how I missed this before, but ground has just been broken on what is being called "the world's largest 3D-printed community." Co-designed by ICON and Bjarke Ingels Group and "implemented" by Lennar, the community, which is located north of Austin, Texas, will consist of 100 homes ranging from 1,500 to 2,100 square feet. There are 8 different floor plans and 24 different elevations to choose from. Each home will also come with rooftop solar panels.
Here's a short description on how the overall construction process is working:
To automate the manufacturing of homes ICON is using its Vulcan robotic construction system, a large, transportable printer that can be used in tandem with Magma, a cement mixing machine. The homes are being constructed out of Lavacrete, a durable-concrete polymer added in layers to form the structure’s facade and foundation by Vulcan. Their design blends Texas ranch vernacular with sustainable technology, providing a model for the future of large-scale 3D construction. The residences will adhere to a common design, featuring metal roofs, concrete floors, and distinct curvilinear and rib-textured concrete walls, which are the product of 3D printing.
It is quite a different looking construction site:
https://twitter.com/ICON3DTech/status/1590826831368040449?s=20&t=arC32yYkYM1hEqOyQNOflA
Now, there is certainly a conversation to be had about what these machines are building as a housing typology: This is still suburban sprawl, regardless of how the homes are being made and if there are solar panels on the roof. But if you ignore all of this for a minute, there is obviously something pretty incredible about 3D printing being able to now deliver stuff at the scale of a suburban housing project. It represents a fundamental change in how we build, in an industry that has a long history of changing very little.
Here are the most populous states:

Here are the top 10 states by numeric growth:

And here are the top 10 states by percent growth:

When looking at overall numeric growth, Texas and Florida still land at the top. (They're also among the highest in terms of percentage growth, despite already being the second and third most populous states.) But now states like California and New York show up on the top 10 list, which speaks to their ability to draw people from around the world.
None of this is particularly surprising, but I still think it's valuable to see the numbers.
Cover photo by Courtney Rose on Unsplash
Here are the most populous states:

Here are the top 10 states by numeric growth:

And here are the top 10 states by percent growth:

When looking at overall numeric growth, Texas and Florida still land at the top. (They're also among the highest in terms of percentage growth, despite already being the second and third most populous states.) But now states like California and New York show up on the top 10 list, which speaks to their ability to draw people from around the world.
None of this is particularly surprising, but I still think it's valuable to see the numbers.
Cover photo by Courtney Rose on Unsplash
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