Red-hot Austin apartment market could see relief soonRed-hot Austin apartment market could see relief soonhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=26122014-10-31T14:23:00Z2014-10-31T10:45:00Z

AUSTIN - The data behind Austin's red hot apartment market could spell relief for some renters. Almost 18,000 units are now under construction in the metro area and some of the new complexes are concentrated in smaller submarkets.

Those submarkets could see rent concessions return after years of escalating prices and diminished supply, according to the latest Austin Multifamily Trend Report from Austin Investor Interests LLC.

With 17,639 units in the pipeline — making Austin one of the most aggressive apartment markets in the nation — concern is rising about the viability of an estimated 8,000 units that are scheduled to break ground in the next 180 days.

Here's a look at other highlights of the Austin Multifamily Trend Report for third quarter 2014:

•  94.8 percent occupancy, compared to 95.8 percent for the same period a year ago
•  $1,070 average rent, compared to $1,007 in 2013
•  853-sf average size, compared to 852 sf in 2013
•  $1.26 rental rates per sf, compared to $1.18 in 2013
•  19,991 units in far North Austin make it the largest submarket in the city.

Austin Business Journal
Austin-Round Rock
http://www.bizjournals.com/austin/blog/real-estate/2014/10/austin-apartment-market-stillon-fire-could-mean.htmlRead more at {Source}

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