A new report from HomeUnion has put Austin as one of the hottest real estate markets in the country this year, CultureMap reports.
Austin comes in at the 9th spot. It has a large number of millennial renters who move to Austin attracted by the low cost of living and large number of jobs in the tech industry. Its strong rental market is also due to the fact that many of those millennials are well-educated and have a lot of student loan debt, making it difficult for them to save for and purchase a home.
Real estate professionals are investing in projects that are geared towards young families who are employed in the tech and internet industries. 36,000 new jobs are forecast to be added in Austin this year and most of those will be in tech.
There are other insights to the Austin rental market from the report, including that the vacancy rate for single-family rentals is forecast to drop to 3.9 percent. Rent is expected to increase 2 percent from last year to $1,735 monthly and Austin’s employment growth is expected to be 3.6 percent, almost 2 points higher than the rate nationally of 1.7 percent.
Looking to get a jump on Austin’s hot rental market? Give A Plus Apartments a call today at 512-231-1400 to find an apartment that fits your budget and lifestyle!