May 11, 2020
Austin apartment rents drop during COVID-19 outbreak
AUSTIN – COVID-19 has slowed down the metro’s multifamily market, according to ApartmentData.com.From March to April, apartment rents dropped 1.2 percent to $1,297. That's a contrast from last year, when...
AUSTIN – COVID-19 has slowed down the metro’s multifamily market, according to ApartmentData.com.
From March to April, apartment rents dropped 1.2 percent to $1,297. That’s a contrast from last year, when rents saw a 5.7 percent increase.
Occupancy went up 0.3 percent to 91.1 percent in April.
Austin saw negative absorption of five apartment units in April — meaning less units were occupied than the previous month — due to shelter-in-place orders. In April 2019, 1,217 more units were rented than in the previous month.
An additional 4,500 apartments will be delivered by the end of the year, but it’s unclear how quickly the units will lease because of the pandemic.
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