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Strong household formation stimulating Austin apartment demandStrong household formation stimulating Austin apartment demandhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=176882017-09-08T05:00:00Z2017-09-08T14:00:00Z

​​​​​​AUSTIN – New household formation continues to strengthen, keeping demand for local apartments steady. Marcus & Millichap projects that about 11,800 units will be delivered this year, an increase from the previous two years.​

Though development is slowing in southern submarkets, East Austin and Pflugerville/Wells Branch are set to receive more than 1,000 units over the next two years.​

Other projections for 2017:

  • Supply will outweigh demand this year as 8,820 units are absorbed, pushing the vacancy rate up to 6.2 percent.
  • The average effective rent will increase 3.5 percent to $1,225 per month. Last year, it increased 2.9 percent.
Marcus & Millichap Real Estate Investment Services
Austin-Round Rock
Multifamily
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