Everything's bigger in Texas, or so goes the adage. And it's true when it comes to rent cuts leading to price declines, as of this July, according to RealPage.

Of the 113 submarkets across the state's largest markets, 53 cut rent in the year ending in July, a big uptick from the year ending a month before in June when only 24 did. The report concluded that the city is "currently in correction mode, after operators raised prices significantly in the past few years." Some of the rent hikes had reached between 20% and 30% in 2021 and 2022, so the market is now adjusting.

Austin, the state's capitol, experienced the most submarket cuts, and only one–San Marcos–had rent growth in the past year with a small blip upward of 1.1%. The reason is that it has had good traffic because of the large population of students at Texas State University, which has an enrollment of more than 37,000 students, making it the fourth-largest public university in Texas.