Austin Ranks in Top 10 for US Projected Apartment Deliveries
Austin is set to welcome 8,837 new apartments this year, the tenth highest number out of U.S. cities within the annual cycle. Austin is one of two Texas cities listed in the top ten list — Dallas-Fort Worth came in second behind New York City.
Despite the surge in apartments, rent rates are still increasing nationally. Here in Austin, a handful of reports show our rates rising more slowly this year, however, that increase is still there.
While the city of Austin is seeing major developments in the apartment industry, areas right outside the city, are also seeing growth.
“A closer look at the numbers reveals that most of the expected new units are in the city of Austin, where almost 5,800 are expected. The rest are in Round Rock (almost 800), Pflugerville (721), Leander (478), and Cedar Park (460).”
Apartment availability should increase by the end of the year, giving those looking away from home ownership a viable option.Posted on Thursday, November 29, 2018