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Austin's competitive housing market keeps residents in rentalsAustin's competitive housing market keeps residents in rentalshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=197222018-04-05T05:00:00Z2018-04-05T22:00:00Z

​​​​AUSTIN – According to Marcus & Millichap's ​Austin multifamily market report for first quarter 2018, stead​​y​ migration and household formation are facilitating healthy​​ demand for housing in the​ area. 

Apartment developers ​completed 10,500 units in 2017, up from the average 8,000 units completed each year since 2013. From 2010 to 2013, an average of 3,000 apartments were completed each year.​​

Several years of robust deliveries pressured ​​​the vacancy rate, which rose 50 basis points to 5.9 percent in 2017. 

Effective rents increased 1.9 percent year over year in 2017, rising at a slower rate than it did from 2010 to 2016. The average monthly​ rent for an area apartment is $1,200.

​​​The homeownership rate in the metro has fallen for three consecutive years amid a tight single-family housing market. This pushed many new residents and would-be homeowners into rental housing. 

For 2018, Marcus & Millichap ​​​​predicts that 8,300 units will be completed, and vacancy will rise 30 basis points to 2018. The report predicts a 2.3 percent increase in effective rents to $1,228 per month.​

Marcus & Millichap Real Estate Investment Services
Austin-Round Rock
Multifamily
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