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Central Submarket Drives Austin Rent Growth Decrease
Austin’s Central submarket responded to its largest influx of new apartment supply in more than two years with a reduction in annual effective rent growth that spread to the entire metro, according to apartment market research firm Axiometrics. The June annual effective rent growth was 3.5%, 88 basis points (bps) lower than the 4.4% reported in May, and 145 bps lower than June 2015’s 5.0% rent growth.
“The Central submarket received 517 new units in the second quarter,” said Stephanie McCleskey, Axiometrics Vice President of Research. “That was just some of the 2,575 new units delivered to the entire market during the quarter, with 6,473 more expected in the second half of the year. Even though job growth is still quite strong, it may take some time for the new supply to be absorbed.”
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