by Mark Daniel, Vice President of Partner Relations at RealMassive, A.B. Economics Stanford University
I’ve written in the past about the Austin apartment market in Austin Apartment Long Term Trends – 1930 to 2015 and 17 Apartments, over 5,000 units delivered in Austin in 2015. Supply has poured into Austin at a frenzied pace, especially in and near the CBD with units capturing higher average rents than historic norms for the market. Needing room-mates (plural intended) to make the rent has become the norm for millennials in Austin, not necessarily the case 10 years ago.
That being said, rent growth is slowing now in Austin, and someone mentioned to me just this week that she saw a “body-for-hire standing outside Hanover waving a sign that said they had leasing specials available right now. Never seen that for any of the luxury apartments.”