Most people like a bargain, particularly money-conscious renters in the Austin area, where rents continue to be stubbornly high. According to RentCafe, the average Austin apartment rent recently stood at $1,691, compared with the statewide average of $1,449. Fortunately, rent relief is on the way: Austin is a hotspot for affordable housing, according to a new study.

The report from data provider Yardi Matrix shows the Austin metro area leads the nation for the number of “fully affordable” apartments and other multifamily housing units under construction by private real estate developers (not by government agencies). Austin ranks first on the list with 2,717 units under construction, followed by Miami with 2,687 and Los Angeles with 2,196.

“With shelter costs a growing issue across the country, construction of affordable multifamily housing is an increasingly important component of the nation’s housing stock,” the report says.

Private development of affordable housing means a privately owned company, instead of a government agency, builds housing for low- to moderate-income residents. However, a private developer might qualify for government incentives or subsidies for construction of an affordable housing project.

Fully affordable housing refers to properties where at least 90 percent of units are income-restricted. Affordable housing is defined as housing where an occupant puts no more than 30 percent of their gross income toward housing costs.

The Austin area also leads Yardi Matrix’s list of the markets where at least 2,000 fully affordable housing units are expected to be ready for tenants in 2025. Austin comes in at 3,452 units, with Los Angeles at 2,752 and Brooklyn, New York, at 2,701.

Taking it a step further, Austin tops Yardi Matrix’s forecast for the most fully affordable housing units being ready for tenants from 2025 through 2027. Austin’s count is 9,528 housing units in this category, with Seattle at 6,289 and San Antonio at 5,581.

At a lunch this week hosted by the Urban Land Institute, Austin City Council Member José “Chito” Vela said the cost savings generated by the addition of affordable housing will greatly benefit his mostly working-class, immigrant-heavy district in North Central Austin.

“That’s [extra] money in their pockets — that’s money going to their kids, to health care, to education, to recreation,” Vela said. “That’s money that’s not going to rent, that’s improving the lives of everyday working-class people in my district.”