Austin remains a magnet for new and expanding tech firms and for young professionals, according to Marcus and Millichap's most recent quarterly report.
In 2013, individuals between 20 and 34 years old accounted for more than a quarter of the metro’s new residents, versus a 10 percent share nationally. This year should be no different, as hiring by notable tech companies attracts renter-age professionals to the area.
Multifamily completions will surge to an estimated 14,120 apartments in 2014, resulting in a 7 percent increase in Austin’s apartment stock. In 2013, apartment deliveries totaled 5,500 units.
Read more...Austin area apartment 2Q 2014: Marcus & Millichap
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