{"id":5770,"date":"2023-04-05T12:23:45","date_gmt":"2023-04-05T12:23:45","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5770"},"modified":"2024-03-12T16:29:58","modified_gmt":"2024-03-12T16:29:58","slug":"austin-multifamily-market-report-march-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/austin-multifamily-market-report-march-2023\/","title":{"rendered":"Austin Multifamily Market Report \u2013 March 2023"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/austin-multifamily-market-report\/\">Austin Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>Austin Maintains Active Pipeline<\/h2>\n<p>With an ongoing economic slowdown that\u2019s cooling investment nationwide, <strong><a href=\"http:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report\/\">one of the country\u2019s most active housing markets<\/a><\/strong> is ready for its test. While Austin is well positioned to weather what\u2019s ahead, caution is still advised. The robust deliveries of 2022 have yet to be absorbed, and coupled with a seasonal slowdown, this has led rents to trend downward for five consecutive months, contracting by 0.5% on a trailing three-month basis as of January, lagging the -0.3% U.S. rate. Occupancy declined 120 basis points year-over-year in December, to 94.5%.<\/p>\n<p><iframe id=\"datawrapper-chart-QmGLM\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Austin vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/QmGLM\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Austin unemployment dropped to 2.7% in December, outperforming the state (3.9%) the nation (3.5%), and all other major Texas metros\u2014Dallas (3.2%), Houston (3.9%) and San Antonio (3.3%)\u2014according to preliminary data from the Bureau of Labor Statistics. Job growth softened, posting a 5.5% expansion in the 12 months ending in November, still 150 basis points above the U.S. rate, and the equivalent of 57,300 new jobs. Leisure and hospitality led gains, adding 24,900 positions, powered by major events supporting the sector\u2019s resurgence.<\/p>\n<p><iframe id=\"datawrapper-chart-W17Zb\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Austin Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/W17Zb\/1\/\" height=\"558\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>As of January 2023, developers hadn\u2019t delivered any new projects and had 57,031 units under construction. Last year, stock expansion amounted to 5.4% of total inventory, ranking Austin first in the country. Meanwhile, investors traded $148 million in assets in January, for a price per unit that rose 12.6% above the December rate.<\/p>\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/3631-MatrixMultifamilyAustinReport-March2023\" target=\"_blank\" rel=\"noopener\">Matrix Multifamily Austin Report-March 2023<\/a><\/strong><\/p>\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Austin Maintains Active Pipeline With an ongoing economic slowdown that\u2019s cooling investment nationwide, one of the country\u2019s most active housing markets is ready for its test. While Austin is well positioned to weather what\u2019s ahead, caution is still advised. The robust deliveries of 2022 have yet to be absorbed, and coupled with a seasonal slowdown, [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":5771,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[464,475],"class_list":["post-5770","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-2023"],"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 \u2013 March 2023 - 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-2023\/\" \/>\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 \u2013 March 2023\" \/>\n<meta property=\"og:description\" content=\"Austin Maintains Active Pipeline With an ongoing economic slowdown that\u2019s cooling investment nationwide, one of the country\u2019s most active housing markets is ready for its test. 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The robust deliveries of 2022 have yet to be absorbed, and coupled with a seasonal slowdown, [&hellip;]","og_url":"https:\/\/www.yardimatrix.com\/blog\/austin-multifamily-market-report-march-2023\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2023-04-05T12:23:45+00:00","article_modified_time":"2024-03-12T16:29:58+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/04\/Austin-iStock-1456015728.jpg","type":"image\/jpeg"}],"author":"Razvan Cimpean","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Anca Gagiuc","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/austin-multifamily-market-report-march-2023\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/austin-multifamily-market-report-march-2023\/"},"author":{"name":"Razvan 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