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Zillow just released its October data for the rental market, both locally and nationally.

Across the five-county Austin region, typical asking rents were $1,813 a month. That's down 2.84% year-over-year, and down 1.06% from September (Zillow's rent figures are for all homes and apartments in a given region, weighted to reflect the rental housing stock).

Orphe Divounguy, a senior economist at Zillow, said the Austin housing market has cooled down due to the construction boom and declining housing affordability in the past year.

"As the vacancy rate rises, the growth of rent (and home values) is anticipated to decline," Divounguy told the Statesman. "Although the typical rent is still up about 25% compared to the same month in 2019, the slowdown in rent growth is seen as a welcome breather for renters — and prospective homebuyers — in the Austin market.”

Earlier this year, local housing experts predicted that this year would bring some relief for renters due to slower job growth — mainly in the tech sector — and a tide of new apartment supply that was expected to exceed demand. Previously, rents hit record highs in 2022, with some tenants seeing their monthly rates balloon by a few hundred dollars.

In March, Charles Heimsath, an Austin-based real estate consultant with Capitol Market Research, predicted that this year would be "a challenging year for the apartment industry." He said he expected average rents in the local market to drop by at least 5% by year-end.

"For the first time in many years, landlords will be willing to work with their existing tenants as lease renewals come up," Heimsath said.

Here are other highlights from Zillow's October data:

• On a national level — after months of consistent decline since reaching a record-high 16.1% in February 2022 — the annual change in typical U.S. asking rent changed direction in October.

• The slowdown in rent growth can be attributed, in part, to the surge in new multifamily construction. However, affordability benefits are now driving demand for rental housing, as it remains a cheaper option than buying a home for many households.

• As for advice for renters, Zillow's Divounguy said: " It's important to consider individual circumstances and preferences — however, many renters prioritize stability when looking for a place to live. Ultimately, the decision should be based on personal factors such as financial situation, desired level of flexibility, and future plans."

This article originally appeared on Austin American-Statesman: Zillow shows rent prices on the decline in Austin real estate market