By Molly Greaves
I’m on a newsletter mailing list and thought this was good to post for my real estate investor friends, AND of course anyone else that happens to be checking out my blog and interested in reading further.
“…After 15 consecutive quarters of increasing rental rates, third quarter put the brakes on Austin’s momentum causing rental rates to stand still and, even more surprising, occupancy to stumble. While not declining a significant amount, down .21%, this is only the second time in our recorded history that occupancy has fallen during a third quarter. Usually, this time frame is bolstered by returning students and in-migration, however an influx of new units left many of the “student-heavy” sectors with little to no gains this time around.
And the new units will keep on coming. Currently there are over 12,000 units already under construction and developers expect to complete over half of these during the next two, historically slow quarters. Expect occupancy and rents to continue to struggle as the new units are added to the inventory.
To learn more or to obtain the full Multi-Family Trend Report click here: www.apartmenttrends.com.
I use this website a lot and really enjoy their email updates.
Filed under: -- Austin Related, -- Real Estate Guide For Today's Market, -- Uncategorized | Tagged: austin Q3 Apartment Market, Austin Real estate, austin rental market
I am amazed with it. It is a good thing for my research. Thanks