DHS Says ICE Deportations Are Pushing Down Rent. Other Factors Are at Play
Summary
The U.S. Department of Homeland Security (DHS) said that deportations by Immigration and Customs Enforcement (ICE) have helped lower rent prices in several Sun Belt cities. However, experts note that the drop in rent is mainly due to a large increase in new apartments and less demand from renters.Key Facts
- DHS stated that mass deportations reduced rents in cities like Austin, Nashville, Phoenix, and Miami.
- Texas cities showed rent drops, with San Antonio down 4.8% and Austin down 4.3% in July.
- The DHS did not provide clear data sources for these rent changes.
- DHS cited a study claiming immigrant inflows increased housing costs, but other economists questioned this research.
- Major apartment construction booms in Sun Belt cities created many new homes, leading to more supply than demand.
- Cities like Dallas, Austin, and Phoenix have thousands of new apartments completed or under construction since the pandemic.
- Rent prices are falling partly because fewer people are renting due to high prices and work-from-office changes.
- Examples of rent changes: Austin’s average rent dropped slightly to $1,990, Dallas fell to $1,950, and San Antonio dropped more to $1,600.
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