Austin Multifamily Market
| Average Rent: | $1,582 |
| Average Rent (Price/SF): | $1.84 |
| Average Occupancy (%): | 94.1% |
Austin’s 22% year-to-date rent growth is a function of strong economic fundamentals, as the Austin market reached pre-pandemic rental rates 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. 3,431 new units were added to Austin’s inventory during the fourth quarter, while 2,521 units were absorbed. Austin’s multifamily sales volume during the fourth quarter totaled $782M, representing a nearly 52% year-over-year increase.
Download Austin Multifamily Market Update 4Q21San Antonio Multifamily Market
| Average Rent: | $1,168 |
| Average Rent (Price/SF): | $1.37 |
| Average Occupancy (%): | 94.5% |
Effective rental rates continued to reach new heights throughout San Antonio, increasing more than 100 basis points during the fourth quarter. Nationally, rents increased more than 10% between 4Q20 and 4Q21. San Antonio’s 14% year-over-year rent growth is a function of strong economic fundamentals, as the San Antonio market reached pre-pandemic rental rates prior to the end of 2020. 650 new units were added to San Antonio’s inventory during the fourth quarter, while 1,506 units were absorbed. San Antonio’s multifamily sales volume during 2021 totaled $712M, representing a 10.5% increase from 2020.
Download San Antonio Multifamily Market Update 4Q21