Rental demand for apartments in Austin soared in 2013 according to a recent report by Hendricks-Berkadia Apartment Real Estate Advisors.
Highlights from the report include:
- 6,240 apartments were absorbed in 2013 up from 3,350 units in 2012.
- US Hwy 183 / Cedar Park / Leander corridor and the Far South submarkets lead the way in new inventory with 1,690 units and 1,310 units respectively.
- The US Hwy 183 / Cedar Park / Leander corridor led all submarkets in leasing activity with 900 units absorbed.
- 40% more apartment permits were filed for in 2013 compared to 2012.
- Vacancy increased to 4.8% in 2013 compared to 4.7% in 2012.
- Average asking rent reached $1,026 in December up 3.2% over 2012.
- The Central submarket had the highest rents at $1,976 / month up 4.1% over 2012.
