Austin Texas Apartment Update

Texas A & M Real Estate Center
http://recenter.tamu.edu/



Austin's apartment market still sizzling hot


  • The Austin-area apartment market is hot these days, as heightened demand due to job and population growth plus a lag in new projects have combined to make it the hottest sector of the real estate market.
  • The local Austin Round Rock Cedar Park apartment market will be the nation's No. 2 performer this year based on projected increases in rents and occupancies, just  behind San Francisco, CA
  • It is predicted that the Austin area apartment market will be on the upswing for at least another 2 to 3 years

  • The all-time high — 97.6 percent occupancy — was reached in December 2000.. and is being approached now!

  • Average rents across all unit types — 1, 2 and 3-bedrooms — climbed  6.6%last year to $990/mo,. Forecasts show Austin will have demand for about 4,800 apartment units this year. About 8500 new units are expected to be completed this year, Thousands more units are in the planning stages, bu some of those projects could have problems obtaining financing.





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