Thanks to continued growth in the renter-age demographic, local apartment operators will enjoy tight conditions and significant rent growth this year despite record-high completions, reports Marcus & Millichap in its latest market report.
"Strong job creation in the metro, particularly in the high-tech sector, remains a lure for young professionals," the report said. "This year, Austin’s 20- to 34-year-old age cohort will grow by an estimated 2.6 percent, which compares favorably with the 1 percent gain projected nationwide.
Read more...Renter-Age Demographic Growth Boosts Austin Multifamily Market via Real Estate Center at Texas A&M
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