The summer months in Austin have seen an upward trend in apartment permits and new construction. New apartment permit applications looked to be slowing earlier in the year, yet notably turned around over the summer. A full 30% of outstanding apartment permit applications were submitted in the last three months. This is double the applications submitted in the previous three months.
This, in addition to the apartment properties that are currently under construction, means a considerable number of new units coming online. There are 66 apartments already under construction, 8 of which broke ground over the summer months. These apartment projects will eventually contribute over 15,000 additional units to the Austin rental inventory in the months to come.
While new construction and construction underway is spread all throughout the city, the Domain and Far North area remain the hot spot for new rentals and apartments. This may be fueled by upscale shopping centers, new restaurants, and the fact that rental rates average half of what they are in the central business district.
The question still remains, can Austin absorb all the new growth it has and will undoubtedly see in the months to come? Are we creating more homes than we can fill, or are we simply keeping up with the supply and demand? Leave a comment below and tell us what you think.
If you are currently searching for a new home and are interested in renting an apartment, give us a call at 512 231 1400. One of our experienced apartment locators will find you a home that best suits your needs, your budget and your lifestyle. We answer phones 7 days a week and our service is always free to our clients. Let us make this your easiest and quickest apartment search yet.