The Austin rental market continues to be hot, the Austin American Statesman reports. In June, rent set an all time high while occupancy rates stayed steady.
The median rent for the Austin metro region (Georgetown to San Marcos), was $1,227 in June. The occupancy rate for the region was 94%. Average rent was $1,369. This trend has continued since at least 2012.
The Austin region has nearly 17,000 new units under construction, which makes it the second fastest growing region in the country for apartments after Nashville. The highest concentration of new units in the region is in Northeast Austin, the Cedar Park/Leander Area, East Central Austin, and Round Rock.
In the last year, Austin employers have added 38,000 new jobs, which means that the influx of people moving to Austin who need apartments won’t decrease anytime soon. Often these new Austin residents choose to rent because they want the flexibility or because home prices in their chosen area aren’t in their budget.
The good news for renters is that rent increases have slowed a bit, from 6 percent in the first six months of 2015 to just 3 percent in the same period of 2016. Still, average rent in the city is among the highest in Texas and makes it difficult for those making minimum wage and just above to afford an apartment.
However, with an experienced apartment locator on your side, we can match you with apartments that you can afford. Additional options for those who don’t make three times the rent is to get a co-signer or a roommate to qualify.
Approximately 9,400 new apartments are expected to be ready this year, compared with 8,669 new units last year. Still, demand outpaces supply and the occupancy rate is expected to hold steady and rent increases to continue.
How can you make sure you don’t miss out on your dream apartment in Austin’s tight rental market? Be prepared to move fast if you find something you love, for starters. Apartment Experts North can help you with your application so you are ready to pounce if the perfect apartment comes up. We’ll also know which apartments have vacancies before you even leave our office, so you don’t waste time at complexes where nothing is available.
The new apartments are being built across the region, so it can be difficult to decide where to call home, especially if you are a newcomer. When you use a free apartment locating service, you’ll be paired with an expert who knows the all the neighborhoods of Austin and can help find the perfect one for you. We can take a look at where your work is, what kind of lifestyle you have, and anything else you are looking for like school districts or amenities, and find apartments in an area that best fits your way of living.
So what are you waiting for? Give us a call today at 512-222-5385 and find your next home stress-free!