Austin apartment supply lagging behind demandAustin apartment supply lagging behind demandhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=81162013-02-25T10:30:00Z2013-02-25T10:15:00Z

AUSTIN - Despite an ongoing boom in apartment building, the number of new units under construction are not going up fast enough to meet the continued growing demand.

Last year, Austin’s occupancy rate citywide hit an all-time high of nearly 98 percent in June, settling slightly lower by year-end at 97.4 percent. Rents peaked in December, averaging $842 for one-bedroom units and $1,115 for two-bedroom units, Charles Heimsath’s research shows.

Last year, 3,528 new apartment units were built in the Austin region. Currently, 12,592 units are under construction in Central Texas. Nearly 8,000 of those will open in 2013, and the rest in 2014.

Although the supply of new units opening this year will come into a strong market with 4.3 percent annual job growth, they will face some obstacles with the biggest being homeownership as low interest rates continue to fuel home buying.

Read more at the Austin American-Statesman.

Austin American-Statesman
Austin-Round Rock
http://www.statesman.com/news/business/despite-building-boom-central-texas-apartment-supp/nwwgn/Read more at {Source}

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