Friday, February 6, 2015

Rent Increases Ease with New Construction in Austin

In the last few years, large rent increases have become the norm in Austin.  But there's help on the way in the form of tons of new construction.  Jess Rodriguez, manager at the South office of Austin Apartment Specialists, was interviewed by the Austin American Statesmanfor their article on what this means for apartments.  (Subscription required to read entire article.)

2014 saw over 10,000 new apartment units open, and 2015 should see an additional 8,000 or more units enter the market.  These new units led to an occupancy rate of 94 percent in Austin at the end of last year, the lowest in 3 years.

This means that supply is starting to meet demand and rent is stabilizing for the first time in years.  In addition to a slowdown in rent increases, landlords are much more likely to provide renters concessions such as a free month's rent, a credit on application fees, and even perks like gift cards or IPad Minis.  

Want help finding the best deals and perks in the Austin apartment market, which still remains strong despite an increase in units?  Give Austin Apartment Specialists South Austin a call today at (512) 912-8000.

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