Among the 50 largest U.S. apartment markets, only one suffered rent cuts in 2017 – Austin. Apartment operators in the Texas capital metro lowered rental rates 0.7% in the past year.
Pricing power has been pretty strong in Austin throughout much of the current cycle, despite heavy construction activity. In fact, 2017 marks the metro’s first annual rent decline in more than seven years. While it’s typical for Austin to lose pricing momentum toward the end of the year, the 4th quarter dive in 2017 was sharper than usual, with rents coming down 2.4%.
Read more...Texas’ Fastest-Growing Apartment Market Cuts Rents in 2017 - MPF Research