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Can Austin Hold Onto Its Growth With Rental Rates On The Rise?
Newcomers flood into Austin every month, giving it the title of America’s Fastest Growing City. As Austin’s population grows, the city’s apartment sector expands along with it. New construction is at an all time high, and occupancy rates are holding strong in the last quarter in almost every region.
However, when we take a look at rental rates for mid-range multi-family units during the summer, we also see a steady increase. The area that has seen the largest spike in rental prices is the north west region of Austin, with a sizable jump of 5.0%. South-east Austin is not far behind with a 4.6% increase overall.
Though these areas have increased the most drastically, all rates for multi-family units in Austin have seen an increase in rent in the last quarter. Most apartments however, fall between a more moderate range of 0.4% to 1.5%, with a few sections of the city falling between 2.3% and 3.9%.
Still, the question remains, can the apartment sector hold onto their occupancy growth in the next quarter if rental rates continue to rise? Is the summer an indicator of what we can expect for the remainder of the year? Comment below and tell us what you think.