Wednesday, August 16, 2017

A Majority of Austin Renters Want to Relocate to Other Cities

A large number of current renters in Austin plan to move to other cities, Culturemap Austin reports.

65 percent of Austin renters who were surveyed by Apartment List have plans to move elsewhere.  Across the country, this figure is about the same.  Renters in 50 metro areas were asked about their moving plans for the survey.

Many Austin renters have their sights set on other Texas cities, with Houston as the number one choice.  For those looking at out-of-state locations, Denver was the top destination.  Seattle and Miami came in 2nd and 3rd.

Even though Austin may be losing those renters, Cleveland renters listed our fair city as their number one out-of-state choice for relocation.

35 percent of renters point to the high cost of living as their reason for moving, 32 percent say jobs, and 7 percent blame the weather.  

San Antonio renters top the list for the highest percentage of renters who want to remain in their current location. 45 percent want to stay there, even though 57 percent are worried about jobs, the affordability, weather, and social prospects are enough to make them want to remain in San Antonio.

Looking for an apartment in Austin?  A Plus Apartments can help!  Give us a call today at 512-231-1400.

Tuesday, August 1, 2017

Austin Rental Market Leveling Off

Our very own assistant manager, Ingrid Evens, was interviewed by the Austin American Statesman about Austin rents which, after being on the rise for the last several years, are finally leveling off.  Ingrid said that even though rent normally shoots up a lot in the summer, this year “it has stagnated.  It hasn’t gone up as much as recent summers.”

Rent was $1,246 in June in the Austin-Georgetown area, an increase of 1.5 percent from last year.  Between 2011 and 2016, rent went up about 5.8 percent annually, for a total increase of 32.5 percent.  

The slowdown is due to the fact that supply has increased to the point where it approximately equals demand, which results in monthly rents increasing very little if at all.  

The occupancy rate was down a little to 93.3 percent.  In just the first half of this year, 4,136 apartments became available.  

This trend of slower increases in rent is expected to continue for the next 12 to 18 months, but rent should eventually go up, especially if Austin adds 60,000 new jobs in the next two years as forecast.  Those new workers will gobble up the new apartment stock, causing demand to outpace supply once again shortly.

Austin’s occupancy rate for high end apartments, (86 percent), is the highest of any of the state metro areas.  Average rent for a high-end one bedroom is $1,561, also the highest rent for high end apartments in the state.  In addition, Austin offers the least concessions of anywhere in Texas.

The number of new apartments under construction and due to be delivered in Austin are on a downward trend.  However, developers are still building new units, confident that Austin’s popularity will not wane anytime soon.  Construction is especially hot in the East Riverside area.

Looking to make the move to Austin?  A Plus Apartments can help!  Give us a call today at 512-231-1400 to find your dream apartment, in your dream neighborhood, for your dream price!