{"id":7662,"date":"2024-04-01T06:51:00","date_gmt":"2024-04-01T06:51:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7662"},"modified":"2024-08-27T07:09:58","modified_gmt":"2024-08-27T07:09:58","slug":"austin-multifamily-market-report-march-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/austin-multifamily-market-report-march-2024\/","title":{"rendered":"Austin Multifamily Market Report \u2013 March 2024"},"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>Rents Impacted By Strong Supply Gains<\/h2>\n<p>At the start of 2024, Austin\u2019s multifamily fundamentals were unsteady, but overall, the state capital is well-equipped to overcome its challenges. The biggest concern is supply, which is expected to further impact rent growth, with figures in negative territory since last July. The average asking rent decreased 0.7% on a trailing three-month basis through January, to $1,623, lagging the $1,710 U.S. average, as noted in the <a href=\"\/blog\/national-multifamily-market-report\/\"><strong>national multifamily report<\/strong><\/a>. The occupancy rate in stabilized properties also reflects the robust supply additions, decreasing 0.9% in the 12 months ending in January, to 93.0%.<\/p>\n<p><iframe id=\"datawrapper-chart-CJ9tW\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Austin vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/CJ9tW\/1\/\" height=\"452\" 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 boasts a diversified and stable economy, with unemployment at 3.0% in December, above the national (3.7%) and state (4.0%) rates as well as all other major Texas metros, according to data from the Bureau of Labor Statistics. Additionally, in the 12 months ending in November, the employment market expanded 3.2%, or 36,800 jobs, 100 basis points above the U.S. rate. The professional and business services sector (13,400 jobs) continued to lead gains, followed by education and health services (8,700 jobs) and mining, logging and construction (8,100 jobs).<\/p>\n<p><iframe id=\"datawrapper-chart-Zf7nP\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Austin Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/Zf7nP\/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>Developers delivered 14,600 units in 2023 and the pipeline remained robust, with 57,937 units under construction as of January. However, construction starts fell 35% in 2023. Meanwhile, transaction activity remained tepid. Just one sale was recorded at the start of the year\u2014an RBN asset valued at $117,717 per unit.<\/p>\n<p>Read the full Yardi Matrix Austin Multifamily Market Report: <a href=\"\/publications\/download\/file\/5341-MatrixMultifamilyAustinReport-March2024\"><strong>March 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Rents Impacted By Strong Supply Gains At the start of 2024, Austin\u2019s multifamily fundamentals were unsteady, but overall, the state capital is well-equipped to overcome its challenges. The biggest concern is supply, which is expected to further impact rent growth, with figures in negative territory since last July. The average asking rent decreased 0.7% on [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":7207,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[464,511],"class_list":["post-7662","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-2024"],"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 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Average rents contracted for the seventh consecutive month, down 0.7% on a T3 basis through January, according to Yardi Matrix data.\" \/>\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-2024\/\" \/>\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 2024\" \/>\n<meta property=\"og:description\" content=\"Average rents contracted for the seventh consecutive month, down 0.7% on a T3 basis through January, according to Yardi Matrix data.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/austin-multifamily-market-report-march-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-01T06:51:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-27T07:09:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/12\/Austin-iStock-1933137370.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=\"Razvan Cimpean\" \/>\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 \u2013 March 2024 - Yardi Matrix Blog","description":"Average rents contracted for the seventh consecutive month, down 0.7% on a T3 basis through January, according to Yardi Matrix data.","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-2024\/","og_locale":"en_US","og_type":"article","og_title":"Austin Multifamily Market Report \u2013 March 2024","og_description":"Average rents contracted for the seventh consecutive month, down 0.7% on a T3 basis through January, according to Yardi Matrix data.","og_url":"https:\/\/www.yardimatrix.com\/blog\/austin-multifamily-market-report-march-2024\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2024-04-01T06:51:00+00:00","article_modified_time":"2024-08-27T07:09:58+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/12\/Austin-iStock-1933137370.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-2024\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/austin-multifamily-market-report-march-2024\/"},"author":{"name":"Razvan Cimpean","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/694c0c0a53e89aa8de1e53ff8201b3b6"},"headline":"Austin Multifamily Market Report \u2013 March 2024","datePublished":"2024-04-01T06:51:00+00:00","dateModified":"2024-08-27T07:09:58+00:00","mainEntityOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/austin-multifamily-market-report-march-2024\/"},"wordCount":231,"commentCount":0,"publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/austin-multifamily-market-report-march-2024\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/12\/Austin-iStock-1933137370.jpg","keywords":["Austin","Multifamily Outlook 2024"],"articleSection":["Metro Reports","Multifamily Market","Real Estate Trends"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.yardimatrix.com\/blog\/austin-multifamily-market-report-march-2024\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.yardimatrix.com\/blog\/austin-multifamily-market-report-march-2024\/","url":"https:\/\/www.yardimatrix.com\/blog\/austin-multifamily-market-report-march-2024\/","name":"Austin Multifamily Market Report \u2013 March 2024 - Yardi Matrix Blog","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/austin-multifamily-market-report-march-2024\/#primaryimage"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/austin-multifamily-market-report-march-2024\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/12\/Austin-iStock-1933137370.jpg","datePublished":"2024-04-01T06:51:00+00:00","dateModified":"2024-08-27T07:09:58+00:00","description":"Average rents contracted for the seventh consecutive month, down 0.7% on a T3 basis through January, according to Yardi Matrix data.","breadcrumb":{"@id":"https:\/\/www.yardimatrix.com\/blog\/austin-multifamily-market-report-march-2024\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.yardimatrix.com\/blog\/austin-multifamily-market-report-march-2024\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/austin-multifamily-market-report-march-2024\/#primaryimage","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/12\/Austin-iStock-1933137370.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/12\/Austin-iStock-1933137370.jpg","width":1200,"height":628,"caption":"Photo by peeterv\/iStockphoto.com"},{"@type":"BreadcrumbList","@id":"https:\/\/www.yardimatrix.com\/blog\/austin-multifamily-market-report-march-2024\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.yardimatrix.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Austin Multifamily Market Report \u2013 March 2024"}]},{"@type":"WebSite","@id":"https:\/\/www.yardimatrix.com\/blog\/#website","url":"https:\/\/www.yardimatrix.com\/blog\/","name":"Yardi Matrix Blog","description":"Stay current with the latest commercial real estate market trends and forecasts","publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.yardimatrix.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.yardimatrix.com\/blog\/#organization","name":"Yardi Matrix","url":"https:\/\/www.yardimatrix.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","width":200,"height":39,"caption":"Yardi Matrix"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/yardi-matrix\/","https:\/\/www.youtube.com\/channel\/UCRHgAZL4YoyeNEdiRN5uj0g"]},{"@type":"Person","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/694c0c0a53e89aa8de1e53ff8201b3b6","name":"Razvan Cimpean","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/a2a826ff843b4f800ff5528644dc28dc336a20ec16082b6108ff5a5def333e6d?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a2a826ff843b4f800ff5528644dc28dc336a20ec16082b6108ff5a5def333e6d?s=96&d=mm&r=g","caption":"Razvan Cimpean"},"url":""}]}},"jetpack_featured_media_url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/12\/Austin-iStock-1933137370.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/7662","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/users\/753"}],"replies":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/comments?post=7662"}],"version-history":[{"count":1,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/7662\/revisions"}],"predecessor-version":[{"id":7666,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/7662\/revisions\/7666"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media\/7207"}],"wp:attachment":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media?parent=7662"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/categories?post=7662"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/tags?post=7662"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}