Wed May 1, 2013
Austin Apartment Demand Rising - Along With Supply
Finding an apartment in Austin keeps getting harder, even as more units are being built.
The real estate tracking firm Austin Investor Interests says occupancy rates edged up to 95 percent in the first three months of the year. Rental rates grew more than 2 percent in the first quarter. Robin Davis with Austin Investor Interests says more than 16,000 units are under construction.
“What we have that’s coming online in the next 12 months is equal to the total of the last three to four years, and with Austin doing so well with in-migration, it’s going to continue to entice that,” Davis said.
Davis says more than 1,000 new apartments opened in the first three months of the year. Many older apartment complexes are bracing for the competition by upgrading units or improving property amenities such as fitness centers or dog parks, she said.