x
Breaking News
More () »

Demand causing Austin metro rents to soar

The Statesman reported that this high demand drove monthly rates up by an average of 15% – or about $200 per month – in 2021.

AUSTIN, Texas — Demand for apartments in Austin is causing rent to rise to sky-high levels.

Nearly 21,000 new apartment renters moved to the Austin area, while only 13,000 new apartments were completed, according to a report from KVUE's media partners with the Austin American-Statesman. Charles Heimsath, president of Austin-based Capitol Market Research, told the Statesman that a net of 19,000 units were leased (move-ins and move-outs). Heimsath said that is twice as many as the market has ever absorbed before.

"I would say 2021 was a most extraordinary year for the apartment market — the most extraordinary I've ever seen," Heimsath told the Statesman.

The Statesman reported that this high demand drove monthly rates up by an average of 15% – or about $200 per month – in 2021. At the end of December 2021, the average rent across all apartment sizes in the region was approximately $1,500 per month, compared to $1,300 the year before.

RELATED: $10M+ Austin market sales up 450% in 2021, report says

Heimsath told the Statesman – according to his research – the apartment occupancy rate across Central Texas averaged 94% at the end of 2021, the highest it has been since 2015. He reported that the occupancy rate was 91% in December of 2020.

For a look at the full Statesman report, click here.

KVUE on social media: Facebook | Twitter | Instagram | YouTube

PEOPLE ARE ALSO READING

KVUE Profiles: Getting to the root of hair's significance in Black culture

Looking back at the 2021 ice storm one year later

Texas AG Ken Paxton suing Facebook for 'unauthorized use of biometric data'

Before You Leave, Check This Out