Austin Multifamily Market
| Average Rent: | $1,572 |
| Average Rent (Price/SF): | $1.83 |
| Average Occupancy (%): | 94.7% |
Austin’s 22% year-to-date rent growth is a function of strong economic fundamentals, as the Austin market reached pre-pandemic levels before the end of 2020. Demand is the primary driver, fueled by the migration of renters from higher-priced metro areas to more affordable Sunbelt cities. 2,731 new units were added to Austin’s inventory during the third quarter, while 6,063 units were absorbed. Austin’s multifamily sales volume during 3Q21 totaled $913.7M, representing a 166.7% year-over-year increase.
Download Austin Multifamily Market Update 3Q21San Antonio Multifamily Market
| Average Rent: | $1,156 |
| Average Rent (Price/SF): | $1.35 |
| Average Occupancy (%): | 93.9% |
Effective rental rates continued to reach new heights throughout San Antonio, increasing 4% during the third quarter. Nationally, rents increased more than 10% between 1Q20 and 3Q21. More than 30 metropolitan areas, including San Antonio, surpassed that rate of rent growth during the same period. San Antonio’s 13% year-to-date rent growth is a function of strong economic fundamentals as the San Antonio market reached pre-pandemic levels prior to the end of 2020. 1,965 new units were added to San Antonio’s inventory during the third quarter, while 3,306 units were absorbed. San Antonio’s multifamily sales volume during 3Q21 totaled $288.8M, representing a 92.3% year-over-year increase.
Download San Antonio Multifamily Market Update 3Q21