Austin Tx Apartment Market Making a Comeback
The apartment market in Austin wasn’t doing great years back, around 2002-2004. Interest rates were low and it was a strong buyer’s market due to foreclosures and low occupancy rates. As you may be aware, occupancy rates are at a high and there is less available rentals within Austin city limits. The office and retail markets have also bounced back.
According to the Austin Business Journal, "The report points to expected job growth of 28,800 positions this
year representing a 4.1 percent increase in total employment. That
means developers, already scheduled to bring roughly 2,000 new units
onto the market this year, are likely to remain bullish on new
construction beyond 2006.Several large-scale complexes will come online in the central
submarket later this year, including the 275-unit Quarters apartments,
the 122-unit Red River Flats and the 335-unit Triangle apartments. The
Central and South Central submarkets are expected to see continued new
construction."
I recently reported that Hewlett Packard is coming to Austin, which is going to help improve our economy. All signs point to the city booming for at least another 5 years, which would mean a good appreciation rate for long-term investors.
Dee Copeland, Investment Specialist
AustinHomeNews.com, Team Dee Residential
eRealtyAlliance Commercial Real Estate
Popularity: 2% [?]
