Rental demand surged last year with the net absorption of 6,240 apartments, up from 3,350 units absorbed in 2012. The Highway 183/Cedar Park/Leander submarket led leasing activity with 900 apartments absorbed, up from 60 units in the preceding year, according to Hendricks-Berkadia.
Construction completed on 6,690 units during the last 12 months, up 142 percent from deliveries in the prior year. The bulk of new inventory was in the Highway 183/Cedar Park/Leander and Far South submarkets with 1,690 units and 1,310 units, respectively.
Read more...Austin apartment 2013: Hendricks-Berkadia via Real Estate Center at Texas A&M