{"id":8079,"date":"2024-08-12T10:27:00","date_gmt":"2024-08-12T10:27:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8079"},"modified":"2024-12-04T12:16:39","modified_gmt":"2024-12-04T12:16:39","slug":"austin-multifamily-market-report-july-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/austin-multifamily-market-report-july-2024\/","title":{"rendered":"Austin Multifamily Market Report \u2013 July 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>Austin\u2019s Rental Supply Leads Nation<\/h2>\n<p>Austin\u2019s multifamily fundamentals were a mixed bag in the second quarter of 2024, due to the continued high influx of new supply, according to the latest Yardi Matrix Austin multifamily market report. Some 60,000 units have come online in the metro since 2020 and despite strong demand and population growth, supply outperformed rent growth and occupancy. On a year-over-year basis through May, Austin advertised asking rents contracted 5.8%, to $1,620, while the national rate rose 0.6%, to $1,733, as noted in the <a href=\"\/blog\/national-multifamily-market-report\/\"><strong>U.S. multifamily report<\/strong><\/a>. Meanwhile, occupancy declined to 92.9% in April, while the national average stayed flat, at 94.5%.<\/p>\n<p><iframe id=\"datawrapper-chart-AkMNg\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Austin vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/AkMNg\/4\/\" height=\"321\" 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>In the 12 months ending in March, Austin\u2019s employment market expanded 2.8%, or 28,800 jobs, marking the second-best performance among Yardi Matrix\u2019s top 30 metros. Unemployment stood at 3.0% in April, surpassing the U.S. (3.9%), the state (4.0%) and all other major Texas metros. Two sectors underperformed\u2014information (down 2,900 jobs) and professional and business services, which remained flat. Government (7,300 jobs) and education and health services (7,000 jobs) led job gains.<\/p>\n<p><iframe id=\"datawrapper-chart-jZ6c6\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Austin Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/jZ6c6\/1\/\" height=\"423\" 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 5,499 units in 2024 through May and had another 54,722 under construction. While record deliveries are expected this year, new construction shows signs of softening. Investment activity remained tepid, with transaction volume at $344 million in May, and the per-unit price down 17.8% year-over-year, to $148,454, trailing the $176,968 U.S. figure.<\/p>\n<p>Read the full Yardi Matrix Austin Multifamily Market Report: <a href=\"\/publications\/download\/file\/5928-MatrixMultifamilyAustinReport-July2024\"><strong>July 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Austin\u2019s Rental Supply Leads Nation Austin\u2019s multifamily fundamentals were a mixed bag in the second quarter of 2024, due to the continued high influx of new supply, according to the latest Yardi Matrix Austin multifamily market report. Some 60,000 units have come online in the metro since 2020 and despite strong demand and population growth, [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":7664,"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-8079","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 July 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"The advertised asking rate dropped 5.8 percent YoY in May to $1,620, while the national average increased 60 bps to $1,733.\" \/>\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-july-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 July 2024\" \/>\n<meta property=\"og:description\" content=\"The advertised asking rate dropped 5.8 percent YoY in May to $1,620, while the national average increased 60 bps to $1,733.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/austin-multifamily-market-report-july-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-12T10:27:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-04T12:16:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/04\/Austin-iStock-2155890674.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=\"Adina Rogoz\" \/>\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 July 2024 - 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