{"id":7204,"date":"2023-12-11T10:36:00","date_gmt":"2023-12-11T10:36:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7204"},"modified":"2024-04-04T11:32:12","modified_gmt":"2024-04-04T11:32:12","slug":"november-2023-austin-multifamily-market-report","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/november-2023-austin-multifamily-market-report\/","title":{"rendered":"Austin Multifamily Market Report \u2013 November 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<h2>Robust Supply Impacts Rents and Occupancy<\/h2>\n<p>Austin rents entered their third consecutive month in negative territory, as the market continues to see rates moderate. Rents across the metro were down 0.7% on a trailing three-month basis, as of September. Meanwhile, <strong><a href=\"\/blog\/national-multifamily-market-report\/\">the U.S. figure also went into negative territory<\/a><\/strong>, at -0.1%. On an annual basis, however, Austin rates were still up 0.5%, even with headwinds created by robust incoming stock.<\/p>\n<p><iframe id=\"datawrapper-chart-XfLvN\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Austin vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/XfLvN\/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>As of July, the metro\u2019s unemployment rate stood at 3.8%, according to data from the Bureau of Labor Statistics. The figure was ahead of the Texas average (4.1%) as well as other metros in the state, such as Houston (4.8%), San Antonio (4.2%) and Dallas-Fort Worth (4.1%). Austin\u2019s job market expanded 4.3%, or 39,500 positions, in the 12 months ending in July. Only the information sector recorded losses. According to the Austin American-Statesman, Accenture, an Irish-American professional services company plans to cut 350 jobs in Austin, marking the third time this year that the corporation has contracted its Central Texas workforce.<\/p>\n<p><iframe id=\"datawrapper-chart-9YBd3\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Austin Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/9YBd3\/1\/\" height=\"417\" 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>The supply wave has not abated and in the first nine months of the year, 7,346 units came online across Austin. Developers had 61,051 units under construction, while more than 100,500 units were in the planning and permitting stages. Through September, Austin saw $1.3 billion in multifamily transactions, a significant drop compared to the same period in 2022.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/4782-MatrixMultifamilyAustinReport-November2023\"><strong>Matrix Multifamily Austin Report-November 2023 <\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Robust Supply Impacts Rents and Occupancy Austin rents entered their third consecutive month in negative territory, as the market continues to see rates moderate. Rents across the metro were down 0.7% on a trailing three-month basis, as of September. Meanwhile, the U.S. figure also went into negative territory, at -0.1%. On an annual basis, however, [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6664,"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-7204","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 November 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Austin rents increased 0.5% YoY, but still below the national average of $1,722. On a T3 basis through September, rents were down 0.7%.\" \/>\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\/november-2023-austin-multifamily-market-report\/\" \/>\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 November 2023\" \/>\n<meta property=\"og:description\" content=\"Austin rents increased 0.5% YoY, but still below the national average of $1,722. 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