After posting brisk rent growth in 2011, Austin saw rent growth levels start to cool moderately in 2012 as construction ramped up. That pattern was expected to continue into 2013 as even more new product broke ground. But instead, rent growth levels actually picked up again. It’ll be much tougher to sustain that performance in 2014, when new supply should hit peak levels.
Austin Performance Highlights Q4 2013
The Austin apartment market has been one of the trendy markets among investors and developers. That status led to a very quick ramp up in apartment construction coming out of the recession. In fact, construction levels are back around peak levels set prior to the recession. Austin saw about 14,000 new units under way at the end of 2013 and of those, nearly 13,000 are scheduled to complete in 2014.
And that’s in addition to the 5,500 units completed in 2013.
Watch Video...Rent Growth Levels Regain Momentum (for Now) in Austin [Video] | Property Management Insider
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