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Old 01-06-2011, 11:12 AM
 
Location: Austin, TX
16,688 posts, read 39,304,746 times
Reputation: 9097

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Not surprising given the number of people who are moving here and the drop off in construction of new housing units. The market is going to get tight and prices are going to go up.

Quote:
http://www.statesman.com/blogs/conte..._business_blog

Apartment rents are on the rise again in Central Texas, after a significant rise in occupancy in 2010, according to the latest report from market tracker MPF Research. And the apartment market should get even tighter this year, say MPF analysts, who are forecasting that Austin will be the nation’s second-best apartment market performer this year.

Monthly rents in the Austin area averaged $854 at the end of 2010

Apartment occupancy jumped 3.6 percentage points, one of the strongest increases in the country. The improvement brought occupancy to 93.5 percent. MPF expects local apartment occupancy to firm by another 2.2 percentage points in 2011 and effective rents to rise 6.8 percent, taking total revenue change to 9 percent.

MPF said the Austin area registered demand for 9,340 apartments last year, more than three times the 3,027 units that were delivered.
I'm assuming that average monthly rent of $854 is for a two bedroom apartment. Does anyone know if that is correct?
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Old 01-06-2011, 11:26 AM
 
Location: Austin, TX
12,119 posts, read 27,733,832 times
Reputation: 5757
Dunno, may be it is a combined average for all rentals - 1/1, 2/1, and 2/2 (and larger?). I can't imagine a reporter doing the footwork necessary to give out a meaningful number and its basis .
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Old 01-06-2011, 11:45 AM
 
Location: Austin, TX
16,688 posts, read 39,304,746 times
Reputation: 9097
I was just thinking the same thing. Its probably like the average house cost, not really tied to any specific size of house, just an average of all the existing units. Its not real meaningful other then as a market indicator.
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Old 01-06-2011, 12:04 PM
 
Location: Austin, TX
16,688 posts, read 39,304,746 times
Reputation: 9097
This is probably the beginning of the housing shortage that Angelos Angelou predicted for 2011.

Housing shortage may cause home values to rise by 2011 (http://impactnews.com/southwest-austin/news/3404-housing-shortage-may-cause-home-values-to-rise-by-2011 - broken link)



I'm curious what 2010 had, 2008-2009 have had the lowest numbers of new housing construction building permits in the last 14 years.

Quote:
Single-family new house construction building permits:
1996: 2703 buildings, average cost: $111,400
1997: 2380 buildings, average cost: $113,500
1998: 3521 buildings, average cost: $116,000
1999: 3302 buildings, average cost: $124,400
2000: 3361 buildings, average cost: $141,200
2001: 2119 buildings, average cost: $136,600
2002: 2431 buildings, average cost: $133,400
2003: 3117 buildings, average cost: $120,000
2004: 3533 buildings, average cost: $120,600
2005: 4569 buildings, average cost: $127,600
2006: 4340 buildings, average cost: $135,100
2007: 3155 buildings, average cost: $165,100
2008: 1928 buildings, average cost: $139,500
2009: 1951 buildings, average cost: $139,900


Read more: http://www.city-data.com/city/Austin...#ixzz1AHfAOfb2
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