If you would have asked me this summer about rents heading south because of a reported "glut" in the Austin apartment market, I would have told you not to hold your breath. The bulk of new inventory that the papers cited was markedly high end, leaving the rest of us regular folks with little relief since typical, more affordable apartment construction (think Brodie, Parmer) has yet to keep up with demand. Coupled with the added bargain-hunting renters from the newly-foreclosed crowd, I thought surely rents would accelerate their upward spiral. But just like Sarah Palin (or was it Tina Fey?) proffered, it's all about job creation.
Below is a link to an interesting article from the Austin Business Journal.
http://www.bizjournals.com/austin/stories/2008/10/13/daily29.html