Growing Tech-Based Economy in Austin Fueling Demand for Housing Across the Metro
Austin’s booming economy has created one of the strongest single-family rental markets in the nation. Over the past five years, the metro’s economy has expanded by nearly 5 percent annually, generating strong demographic trends. Employment growth averaged 4 percent from 2013 to 2017, which has attracted job seekers from across the country. Payrolls have room for further expansion, though gains are stymied by one of the lowest unemployment rates in the nation. Population growth, meanwhile, has also been a demand driver in the metro. The prime renter cohort, or those aged 20- to 34-years old, jumped by 12.4 percent between 2011 and 2016, nearly triple the national rate. As a result, the market’s single-family rental vacancy rate has dipped below 5 percent and forecast to remain there through the end of 2018. As an influx of new apartments are absorbed, short-term competition will yield to long-term fundamental improvement. Specifically, a red-hot[…]
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