The Austin Texas 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 2015, it was easy to find apartments that were offering great move in specials, such as 1, 2 or even 3 months free.
Austin TX Apartments Rental Market
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 Apartment Market take us from here?
As it might be time to renew your lease, a lot of residents are finding that their Austin 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 current median rent in Austin is $1325
Austin Apartments - Apartments in Austin TX