The Austin Business Journal reports on Axiometrics’ findings that rents in Austin, after years of climbing with seemingly no end in sight, are finally leveling off.
The Dallas-based research company found that rent in the Austin market did not increase noticeably last month and occupancy also remained the same as the previous month. Average rent was $1,209, the same as last May.
While the slowdown in rent increases may be welcome news for renters, it could spell trouble for the large number of new apartments that are under construction in the area.
Job growth has slowed somewhat in the Austin area and many of the new apartments set to be completed soon are in the luxury market with rents beyond the grasp of most Austin workers. Many of the jobs that are in demand just don’t have high enough salaries to afford the new apartments.
Occupancy rates have remained steady at 95%, which is the same as May of 2016.
The Austin suburbs of Cedar Park and Leander have seen rents decline by an average of 2.5 percent. A year ago, those areas had the highest increase in rents.
San Marcos saw rents increase the most in the area, by 3.4 percent. In far north Central Austin, rent went up by over 3 percent.
Looking to find a new home in the Austin area? Give Austin Apartment Specialists South a call today at 512-912-8000 to take advantage of the slowdown in rent and find an apartment that fits your budget and lifestyle!