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Austin Region - 2nd Quarter 2023

It was just two short years ago that the Austin area had a record breaking second quarter that saw rents jump 13% in a single quarter, while occupancy was over 94%. The pandemic-induced influx of new residents and a lack of available homes for sale set the rental market up for certain success, with rents rising anywhere from 16-26% each quarter for the next year, culminating in the second quarter of 2022, when rents hit a record high of $2.02 psf. Since that time, rents have fallen in three of the past four quarters and occupancy has declined for seven consecutive quarters, ending the current second quarter at $1.93 psf and 91.1% - the lowest occupancy reported in 13 years. Now the influx is no longer new residents, but newly constructed rental units that are completing well past their anticipated finish dates, because of supply and labor shortages, and well past the window of demand. There are over 61,000 units in all property types underway and over half are expected to finish in the next 12 months.