Job growth fuels Austin multifamily marketJob growth fuels Austin multifamily markethttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=226482019-06-12T05:00:00Z2019-06-18T01:00:00Z

​​​AUSTIN – With a lower cost of living than other tech-heavy metros, high-wage, corporate jobs proliferate in northern parts of market, fueling demand for multifamily units.

 Household formation that doubles the national rate is being fueled by a plethora of job openings; Amazon recently said it will add 800 positions, while Apple is bringing 5,000 over the next few years.

These positions will be in North Austin, where average apartment rents are more than $1,000 below monthly rates in the urban core, signaling room for significant growth in the near future. However, vacancy sits in the mid 4 percent range, setting the stage for a potential supply shortage.

Moving forward, the Riverside neighborhood will also witness tight unit availability as residents seek proximity to downtown yet relatively affordable rents.

Downtown Austin and northern sections will receive the most completions this year with more than 1,200 units slated for the core and 900 for North Austin. Rental demand downtown remains strong.

North Austin will assume more luxury apartments as an influx of well-​paying jobs is on the horizon.

Marcus & Millichap
Austin-Round Rock
https://www.marcusmillichap.com/research/researchreports/reports/2019/05/21/austin-local-apartment-reportRead more at {Source}

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