New forecasts for the apartment market – with some special notes for Austin
The Jackman Group has provided their latest research into the state of the apartment market.
Nothing very surprising in here. Renters are moving in together or moving back in with family. Some renters are taking advantage federal incentives to buy homes and leaving the rental market.
There is also still some oversupply since construction cannot stop as quickly as demand drops.
All that being said, apartments are still doing better than homebuilders based on lending by Fannie and Freddie.
Austin still has above average vacancies which is good news for renters to try and negotiate better prices and more concessions. Personally, I notice one exception in the properties around campus. Demand there is pretty constant as well as many places being run by lifestyle managers, so they are more comfortable having vacancies than they are lowering rent.
You can see the entire report here.