AUSTIN – Steady job creation is spurring a strong pace of net in-migration and household formation trends, according to Marcus & Millichap's Austin Multifamily 2018 Forecast.
A majority of these new residents are favoring apartments as rising home prices push the concept of ownership out of reach for many.
The homeownership rate fell from a high of 71 percent in 2006 to just over 50 percent during third quarter 2017.
Healthy demographic trends and a shift in residents’ attitude away from homeownership keep investors optimistic about the Austin apartment market.
Values have risen nearly 50 percent above the previous peak achieved in 2007, but a slowdown in rent growth is contributing to a normalization of price appreciation.
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