New Austin apartments can't slow demandNew Austin apartments can't slow demandhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=71402013-06-11T14:57:00Z2013-06-10T00:00:00Z

AUSTIN - New apartment buildings are going up all over the Austin area, but it still might not be enough to slow an exploding rental market.

“As much as we’d like to see that effect pricing, it is not yet. They are still continuing to climb,” said Natalie Young, the manager at A+ Apartment Locators.

There was not much new construction in recent years when demand soared along with rental prices, but there are currently more than 16,000 new units under construction.

Even with the new supply, demand is still ahead of the race.

“We are building and we need it, but we are filling them up quicker than we anticipated,” said Young.

The occupancy rate dropped slightly due to the new inventory, but the Austin market’s average rent in May 2013 was nearly 6 percent higher than it was in May 2012.

The average asking rent price is $980, more than $100 higher than the averages in Dallas, Houston and San Antonio.

Austin-Round Rock
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