Austin Multifamily Market Report 2024. Photo by greg gaynor of fokus waterfront/istockphoto.com. The market realized 3.0 msf of positive absorption in the first quarter of 2024, the first time that demand outpaced supply since the first quarter of 2022.
While rent growth is tempering, the market continues to fire on all cylinders. The national multifamily vacancy rate is estimated to have risen in late 2023 and is expected to rise again in 2024, primarily due to the amount of new supply expected to deliver this coming year, on top of the more than 500,000 units that were expected to have been added in 2023.
Overall Rental Rates Grew 12.3% Year Over Year To $14.83/Sf, Reaching A New Historical High.
Austin's multifamily market is balancing growth and stability.
The 142,219 Apartments Added In The First Quarter Followed.
Supply wave counterbalanced by increasing renter base.
The Austin Multifamily Sector Still Leads The Nation’s Largest 50 Markets In Annual Net Absorption As A Share Of Inventory, With About 6,300 Units Absorbed In The Last 12 Months.
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In The U.s., Healthy Net Absorption Of 423,409 Units In The Last Five Quarters, Including Q1, Was Overwhelmed By 724,942 New Apartments Added To The Supply.
Although the austin multifamily market sees rebounding numbers in terms of renter demand, the influx of new completions is creating an imbalance and disrupting market fundamentals.
Supply Wave Counterbalanced By Increasing Renter Base.
Austin rent evolution, click to enlarge.
During The Same Period The Nationwide Vacancy Rate Has Risen From 6.5% To 7.8%.
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