Construction Surge Hinders Rent Growth in Austin
September 04, 2018 / Anca Gagiuc
Austin’s multifamily market showed its resilience in the first half of 2018, coping with issues such as a lack of affordability and continued supply growth, pushing the occupancy rate in stabilized assets to 93.7 percent as of April, down 100 basis points in 12 months. Despite these headwinds, rent growth stayed positive, up 1.3 percent year-over-year through June to $1,323. Demand for housing remains consistent, supported by an expanding population and robust job growth, up 3.5 percent, more than double the U.S. average.