States with the heaviest ICE enforcement, led by Texas and Florida, are also posting some of the largest rent drops in the country. Asking rents in Austin, San Antonio, Houston, Dallas, Miami, Nashville, Phoenix, and New Orleans have fallen several percent year over year. The same places where arrests and removals have been concentrated.
Apartment operators in those markets report rising vacancies in lower-end and immigrant-heavy buildings after enforcement increased. With fewer tenants competing for those units, landlords have had less room to hold prices.