Housing Demand in Austin - Rent spikes 25%
Buyers aren't the only ones struggling to find affordable housing in Austin. According to Apartments.com data Austin metro rent rose 25% between December 2020 and December 2021. The median rent for an Austin apartment last was month was $1,560. That is the highest major metro rent in all of Texas.
Why is rent rising in Austin?
Job growth is the number one factor for demand in the Austin rental market. In just this last year 14,763 new units became available and at the same time 22,281 were being leased. The rental absorption rate and supply is creating a huge disconnect. The metro area needs mormore supply to keep up with demand but construction takes time, especially for concentrated developments.
55% of Austin residents rent
The influx of rentals isn't just seen in apartments. During the Pandemic demand for single-family rentals went up significantly. Renters just like buyers desired more space, privacy and many required home offices to work remotely.
According to Dwellsy, median rent for apartments and single-family homes went up 38% from $1405 to $1950 in 2021.
Bidding Wars for rentals?
Renters are starting to look a lot like buyers - reports show renters are offering landlords over asking to secure their new home. And while the rental rise is steep national trends show us it aligns with other metro areas - rent nationwide increased 11%.
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