Austin is the top market for multifamily housing growth. According to Austin’s Culture Map E-Magazine, the city holds the number one spot for new unit permits issued last year per 1k residents. That is great news for renters.
In the last year rental rates in Austin have been on the far side of affordability, increasing by almost 10 percent from March 2022 to the same time this year. The amount of new construction is moving rates into the right direction, however. In addition to that, the city’s already active housing market saw three times the average rate of building than that of fifty of the biggest metropolitan areas in the U.S.
Austin Board of Realtors President, Ashley Jackson, stated in the Central Texas Housing Market report, that Austin’s housing market is improving,
“A healthy housing market isn’t defined by breaking records every month, but by market activity that’s steady-paced and sustainable.”
President Jackson reminds of the importance of monthly data to demonstrate the well being of the housing market.
