Austin: 1Q 2015 M&M multifamily market report

AUSTIN – According to data provided by Marcus & Millichap, employers created 7,000 job openings in 1Q 2015, while more than 29,000 people were hired in the past 12 months — a 3.3 percent increase from the previous year.

By the end of 2015, 30,500 new jobs are estimated to be created in the metro.

Nearly 4,400 apartments were delivered in 1Q 2015, and most units were located in the submarkets to the north and northwest, including Round Rock/Georgetown and Arboretum area.

High demand in rental housing has impacted vacancy, bringing it down to 5 percent, even though absorption reached nearly 12,800 units.

With vacancy clocking in at historical low and favorable demographics, average rents grew 5.9 percent in the last four quarters, reaching $1,088 per month.

See Marcus & Millichap Austin Apartment Market Report 1Q 2015 (PDF) for the full report.

See Austin Market Research for more Employment, Housing and Multifamily news.