Austin’s multifamily market displayed weakening fundamentals in the second quarter, but was kept afloat with help from the growing presence of tech companies. Still, the pandemic’s impact and high number of completions have pressured rents, which contracted 0.2 percent to $1,372 on a trailing three-month basis through July. Meanwhile, the occupancy rate in stabilized properties was down 90 basis points in 12 months, to 94.0 percent as of July.
Read more...Austin Multifamily Report – Summer 2020 via Multi-Housing News
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