The Austin TX apartment market is very cyclical. In 2009, there was in influx of apartments that were built, and since this time only a few complexes have gone up. The Austin, TX economy took a turn in the last few years, and it was hard for the builders to get loans to construct the apartments. Also, the Austin apartment market is very reactive instead of proactive, and will usually wait until there is a great demand for Austin TX apartments before building any. Since there are so many people moving to Austin, TX, and the number of Austin TX apartments units is staying the same, the occupancy is rising and rents are therefore increasing. In 2009, it was easy to find apartments that were offering great move in specials, such as 1, 2 or even 3
Why is Rent so High Right Now when Renting Austin TX Apartments?
Austin TX Apartments Rental Market
months free. These specials are much harder to come by now since the occupancy rate is much higher. The Austin apartments don't need to offer incentives like this to get people to lease.
Where does the Austin TX Apartments Market take us from here?
As it might be time to renew your lease, a lot of residents are finding that their Austin TX apartment rent is increasing $100-$150 more per month. While this may seem like a lot from what you were paying the previous year, keep in mind that rents are going up everywhere. The average 1 bedroom in Austin, TX is $850 and the average 2 bedroom is $1150. Most of the Austin TX apartments are at 97% occupancy, and have the freedom to charge this much in rent. But this won't last for long. There are roughly 8,000 units that are being proposed for construction this year. It takes about 18 months for Austin apartments to be constructed, so we will see a change in the apartment market before too long.
Austin Apartments - Apartments in Austin TX