Austin apartment owners will continue to enjoy some of the tightest conditions since 2001. Rent growth in the area is expected to accelerate, while apartment inventory will remain stagnant in 2012 but stands to grow substantially in 2013.
Less than 300 units were delivered over the past 12 months, down from 1,730 units in the previous period. Completions will be concentrated in submarkets south of Hwy 71, with the Southeast and Far South submarkets each expecting to receive 500 units. There are 800 units already underway and slated for completion in 2013.
Austin’s apartment inventory will grow 1.8 percent in 2012 as developers deliver 3,000 units.
Read more...Austin area apartment 3Q 2012: Marcus & Millichap via Real Estate Center at Texas A&M University