The Austin Rental Market is on the rebound. Have you had trouble finding an Austin Apartment for rent? Well it could be because 2011 saw apartments hitting record highs in both occupancy and rental rates. According an article from the Austin Apartment Association, as last year drew to a close, overall average occupancy was at 95% and effective rents were $1.05/square foot. Any city would love to have these sort of numbers during a recession and they show that after spending a couple of years dipping below 90% occupancy and $1.00 per square foot rents, Austin is back in the saddle again.
Austin is expected to continue to see escalated occupancy and rent rates, although relief is on the horizon with thousands of new units in the building or development stages. However, with Austin showing up almost daily on a new “Best Place to Live” list, you can bet these units will have renters waiting, ready to make them their home.