It was bound to come ahead at some point and it looks like the time is quickly approaching.
Austin area apartments complexes are seeing a steady decline in vacancies down from 8.2% to 7.6%. There are two major contributing factors: lack of new projects and a rise in population growth. Only 2900 new units are expected to become available in the upcoming year which is about half of what the normal average is. With roughly 125 people moving to the city on a daily basis, it’s easy to see how we’re headed towards a rental shortage.