Austin’s multifamily market shifted down a gear in 2017, due to 2016’s strong wave of supply. As a result, rents contracted 0.3 percent year-over-year through October, trailing the 2.3 percent U.S. average. Continued construction pushed the occupancy rate to 94.6 percent as of September, down 70 basis points in 12 months. This figure is likely to keep falling in the short term, while the metro absorbs the new stock.
Read more...Supply Catches Up With Demand in Austin