AUSTIN (KXAN) -- Leaders in the local rental market met at Austin Apartment Association's 2024 "State of the Industry" meeting on Sept. 12; in a recap of the event, the association said that the "Central Texas rental housing market is at a critical turning point." The current story of Austin's rental industry is one of booming construction slowly pushing down rents, as competition in the region continues to increase. Theron Patrick, an analyst with data broker ALN Apartment Data, presented data at the event and said that rents in the region fell by 7.5% year over year. "We’re seeing more units come online in Austin than ever before, and this competition is creating downward pressure on rents," Patrick said in the release. "This is good news for renters. With new supply not slowing down until at least 2026, we expect rents to remain competitive." Austin-Round Rock metro leads Texas in housing construction, 3rd highest apartment construction nationally Demand in the market is also surging. Texas Demographic Center's Dr. Monica Cruz said at the event that Texas' population growth is one of the fastest in the nation. “As we look toward 2060, projections show continued growth in the 'Texas Triangle.' We need to think critically about how this will shape housing policy and availability,” Cruz said in a press release. In a Wednesday interview with KXAN, Austin Apartment Association President Theresa Ebner said that renters should talk to their leasing office if they think their rent is too high. "Because most people, we love our residents and want them to stay and renew with us, so we always try to do what's best for them and keep them," Ebner said. According to Ebner, the Austin market has indicators for a strong finish to 2024 and forward. She also noted that Wednesday's rate cut announcement from the Federal Reserve will have an impact. "A lot of companies aren't able to close deals because of the [previous] higher interest rates, the higher building costs, every little bit helps make the deal work better. It will help us to bring more affordable housing to the Austin area," Ebner said. Goals for 2025 legislative session The industry, like others, will send lobbyists to pressure the state's legislative body into action on its priorities, while advocating against additional regulations. One of these, per Texas Apartment Association's executive vice president Chris Newton, is "squatters." While the state doesn't have a definition of the term, he called for "reforms to streamline the eviction process." Sen. Paul Bettencourt, R-Houston, said in May that he intends to file an anti-squatter bill during the 2025 legislative session. He said that he wants the bill to maintain protections for "legitimate renters." “There’s legitimate protections for renters, for tenants following the law, and then there’s completely illegitimate squatters. That’s what we need to deal with here,” Bettencourt said in a May interview with KXAN. “There’s plenty of protection for legitimate renters, and we’re gonna keep that.” Texas state Senator Bettencourt calls for new criminal statute against squatting Newton also criticized the legislature's 2023 property tax reform for having a "minimal" impact on the industry, according to the release. Ebner agreed with that criticism. "Our expenses continue to go up, and we have to find a way to cover our expenses. And so when our property taxes go up, unfortunately, we have to share that expense with our renters," Ebner said. The reform that was passed during a special legislative session provided $12 billion to reduce school property taxes statewide, but the impact of that may have been diluted by the sheer number of properties it affected. A Democrat-led plan during a 2023 special session would have provided a cash rebate to renters. That plan failed to more forward.