For the first time in more than two decades, Austin’s apartment sector is expected to see big growth in both the local economy and in new apartment supply. In previous periods of big job growth, new supply has been limited. And in previous new supply booms, job growth has disappeared. So how much can Austin’s projected economic growth cushion the apartment sector from the effects of a 20-year peak in new development?
Outside of the sexy six apartment markets, few metros are as sought after by investors and developers as Austin. And right now Austin is booming. Never before in two decades has Austin seen this many apartments set to complete with this many projected new jobs.
Austin is currently experiencing a 20-year high when it comes to apartment construction. At the peak, nearly 17,000 units were under construction, a number that will expand the apartment base by 7.3% when it’s all built.
Read more...Austin’s Apartment Market is Entering Uncharted Territory | Property Management Insider
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