Short-Term Gain, Long-Term Drag
Austin’s fundamentals remained under pressure, even as rents regained some momentum during the leasing season, according to the latest Yardi Matrix Austin multifamily market report. Advertised asking rents rose 0.4%, on a trailing three-month basis through May to $1,508, slightly ahead of the 0.3% U.S. increase to $1,767. Meanwhile, the metro’s year-over-year rates were down 3.7% , while the national average rose 0.2%, as reported in the U.S. multifamily report. The occupancy rate in stabilized properties fell 90 basis points year-over-year, to 91.8% in April.
Austin’s employment growth moderated to 1.3% year-over-year through February, the second-highest rate among Yardi Matrix’s top 30 metros and well above the U.S. average. Unemployment stood at 3.4% in April, below the 4.3% Texas and U.S. averages, while the metro added 13,700 net jobs in the 12 months ending in February, led by professional and business services and mining, logging and construction. Notable CRE demand drivers include Waterline’s 1.5 million-square-foot downtown tower and Austin Bergstrom International Airport’s terminal expansion.
Supply pressure remained elevated, but the pipeline is thinning. Austin delivered 4,459 units through May, with 21,224 units under way and construction starts declining sharply. Investment activity stayed subdued, with multifamily sales totaling $444 million through May. The average price per unit showed signs of stabilizing, inching up 0.1% year-over-year to $176,210, while the U.S. average declined 7.6% to $185,821.
Read the full Yardi Matrix Austin Multifamily Market Report: July 2026
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