MPF Research, a site for apartment market intelligence, has confirmed that Austin rent prices for apartments are among the fastest growing rates in the nation. In just the last year, rent for Austin apartments has increased by 6.1 percent, which was noted as the 6th largest rent increase in the US. Austin is the only Texas metro area in the top 10 leaders of the list.
This year the average rent in Austin was about $917 and the city-wide apartment occupancy was recorded at a whopping 94.6 percent. Have you been searching for the perfect Austin apartment in a great area with reasonable rent prices recently? If you have, you are probably aware that chances are slim in finding your apartment paradise. With populations rising and the allure of being centrally-located, you can bet that if you find a perfect apartment to settle yourself in, the rent isn’t going to be cheap.
Great news for investors and construction companies, though! Since demand is at record highs, Austin apartment construction businesses and investors are clawing at any spaces they can find. Austin Business Journal shares that a local investor, Austin Investors Interests LLC, has over 9,000 units under construction with just as many lined up to begin construction next year.
With scarce space and such high demand, most units being constructed in the near future will of course be high-rise structures close to or in Downtown Austin. So, if are looking for an apartment in Central Austin, if you aren’t a penny-pincher, and if you don’t have a fear of heights, the next year will be flourishing in options for you to take advantage of.