As we enter a brand new year, it comes as little surprise that Austin area rents are expected to continue to rise throughout 2016.
The rental prices of apartments in particular are expected to increase, where demand continues to outweigh supply.
Recent market reports by Capitol Market Research indicate that apartments of all sizes have an average rental cost of $1,190 per month, which is the highest figure our region has ever seen. This is an increase of 7.5% when compared to 2014's rental average of $1,107.
A total of 9,554 units were built in the Austin area last year, while 9,346 new apartments were leased. Having such a small gap between new units and new leases indicates a healthy market, with very strong interest and competition.
What does it all mean? In a nutshell, these trends indicate things aren't going to get any easier for renters. Rental prices are going to continue to rise, while rental homes will remain tough to find.
There's nothing in the stats to suggest competition will slow down any time soon, and it's little wonder why so many buyers are jumping into the real estate market for the first time!
Tired of renting? Contact us today to find out how we can get you into your first home!