Rent in Austin increased just 1.9 percent last month, which was the smallest increase in over six years, the Austin Business Journal reports.
An increase in the supply of apartments coupled with slowed job growth led to the smaller than normal rent increase. Rent increases will pick back up again in the new year, though, and are forecast to hit 2.9 percent for 2017.
The supply of apartments in Austin reached its peak in the latter part of 2016, although the rest of the country is expected to see its highest number of units in the middle of next year. Austin will likely see increased demand for apartments next year, as there are projected to be 25,000 new jobs in 2017, compared to 21,000 for November 2015 through October 2016.
Rent increased the quickest in Eastern Travis County (a 7 percent increase), far north central Austin (6 percent), far northwest Austin (4.7 percent), San Marcos (3.7 percent), and North Travis County (3.7 percent).
The average rent in the city last month was $1,198, an increase of 1.9 percent from $1,176 in November of last year. Nationally, average rent was $1,278, an increase of 2.4 percent from $1,248 a year ago.
Occupancy rates in Austin were 94.2 percent last month, compared to 95.1 percent a year ago. Nationally, occupancy was at 94.6 percent compared to 94.9 percent a year ago.
Now is a great time to take advantage of the Austin rental rates slow down and get a new apartment before things increase next year! Give A Plus Apartments a call today at 512-231-1400 to find a great new apartment for the new year.