{"id":3735,"date":"2022-04-06T14:19:30","date_gmt":"2022-04-06T14:19:30","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=3735"},"modified":"2023-09-21T06:32:32","modified_gmt":"2023-09-21T06:32:32","slug":"austin-multifamily-market-report-march-2022","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/austin-multifamily-market-report-march-2022\/","title":{"rendered":"Austin Multifamily Market Report (March 2022)"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Demand Boosts Rents, Occupancy, Supply<\/h2>\n\n\n\n<p>Austin sits at an inflection point between midsize city and worldclass tech hub, which has its advantages and disadvantages. On one hand,<strong> it boasts a strong economy <\/strong>that helped it recover faster from the pandemic\u2019s woes, but on the other it faces a deepening housing affordability issue, as developers struggle to work with an outdated land code to keep up with elevated demand.<strong> <a href=\"https:\/\/www.yardimatrix.com\/blog\/austin-multifamily-market-report-july-2022\/\">Rent growth mirrors the robust demand<\/a><\/strong>, up 0.6% on a T3 basis through January, to $1,694, as does the occupancy rate in stabilized properties, up 230 basis points year-over-year through December, to 95.8%.<\/p>\n\n\n\n<p><strong>Austin is one of the few metros that has managed to recover jobs lost during the pandemic. <\/strong>The unemployment rate stood at 2.9% in December, surpassing both the state (5.0%) and the U.S. (3.9%) averages. The job market posted a 7.4% expansion, or 85,800 jobs, in the 12 months ending in November, outperforming the 4.6% national rate. Professional and business services led growth (29,900 jobs), sustained by the plethora of tech firms that moved into the metro. With several billion-dollar projects underway, Austin has strong prospects for a sustained economic expansion.<\/p>\n\n\n\n<p>Developers delivered 1,075 units in January 2022 and had 37,813 units under construction, continuing the accelerated pace of deliveries, which last year marked the best level of the decade. Multifamily sales recorded a new high of $4.3 billion in 2021.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/Publications\/Download\/File\/1543-MatrixMultifamilyAustinReport-March2022\">Matrix Multifamily Austin Report-March 2022<\/a><\/strong><\/p>\n\n\n\n<div style=\"height:46px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Demand Boosts Rents, Occupancy, Supply Austin sits at an inflection point between midsize city and worldclass tech hub, which has its advantages and disadvantages. On one hand, it boasts a strong economy that helped it recover faster from the pandemic\u2019s woes, but on the other it faces a deepening housing affordability issue, as developers struggle [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":3736,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[464,444],"class_list":["post-3735","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-austin","tag-multifamily-outlook-2022"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Austin Multifamily Market Report (March 2022) - Yardi Matrix Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/austin-multifamily-market-report-march-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Austin Multifamily Market Report (March 2022)\" \/>\n<meta property=\"og:description\" content=\"Demand Boosts Rents, Occupancy, Supply Austin sits at an inflection point between midsize city and worldclass tech hub, which has its advantages and disadvantages. On one hand, it boasts a strong economy that helped it recover faster from the pandemic\u2019s woes, but on the other it faces a deepening housing affordability issue, as developers struggle [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/austin-multifamily-market-report-march-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-06T14:19:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-21T06:32:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/04\/Austin-iStock-1359349103.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"lilianam\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anca Gagiuc\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Austin Multifamily Market Report (March 2022) - Yardi Matrix Blog","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/austin-multifamily-market-report-march-2022\/","og_locale":"en_US","og_type":"article","og_title":"Austin Multifamily Market Report (March 2022)","og_description":"Demand Boosts Rents, Occupancy, Supply Austin sits at an inflection point between midsize city and worldclass tech hub, which has its advantages and disadvantages. On one hand, it boasts a strong economy that helped it recover faster from the pandemic\u2019s woes, but on the other it faces a deepening housing affordability issue, as developers struggle [&hellip;]","og_url":"https:\/\/www.yardimatrix.com\/blog\/austin-multifamily-market-report-march-2022\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2022-04-06T14:19:30+00:00","article_modified_time":"2023-09-21T06:32:32+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/04\/Austin-iStock-1359349103.jpg","type":"image\/jpeg"}],"author":"lilianam","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Anca Gagiuc","Est. reading time":"2 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