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The Austin rental market offers a variety of apartments ranging from luxury to affordable; all of which play a part in housing the 885,400 Austinites and the hundreds of newcomers that flood into the city every year. As luxury apartments continue increase their rents, the question remains how high can they rise before they price themselves out of the Austin rental market?
The answer seems to be pretty high! Austin’s Central Business District had little trouble filling their highest priced, newly-built units. These luxury apartments have seen an 11% increase in occupancy rates even with the price of rent going up, ending the summer with a 71% occupancy rate over all.
Austin’s northeast region had the most notable increase in luxury apartment rents at a whopping 6% last quarter, and yet still managed to see a rise in their occupancy rates of 10%. In contrast, central east Austin saw a loss in occupancy rates over the summer for luxury units built in the last 24 months. Even with a slight decrease in rents, occupancy rates were down 6%.
Overall Austin’s luxury units have been able to justify a rise in rent of 1.7% over the last quarter while still seeing an increase in occupancy rates of 3%. Do you think the last quarter of the year will do as well for these luxury units, or will there be a drop in occupancy rates relative to increasingly higher rent? Leave a comment below and tell us what you think.
Apartments Now has been one of the leading apartment locator services in Central Texas since 2001. We pride ourselves on strong rental industry relationships, excellent customer service and finding our clients the best possible apartment for their needs, wants and budget. For questions regarding this article, or the Austin rental market in general, please contact us at 512-258-8224.