In the recent past, millennials in Austin delayed buying their first home, citing reasons including their wages versus the higher cost of living, student loan debt, and high rent prices. Many recently realized that their mortgage payment could be as much as, or less in some cases, their monthly rent. After that realization, investing in their first home felt more realistic.
Prices in the rental market have been increasing since March 2021, and have steadily climbed since. Rent increases outpaced the rest of the country by surging 40%, putting Austin at the top of Redfin’s list of places with the fastest-rising rent.
The occupancy rate followed the trend as thousands of new residents moved to work at the multiple tech companies that relocated to the Austin metro area. “… there’s a lot of new apartments being built, but they can’t be built fast enough for how many people are moving to Austin,” Courtney Conrado, a Realtor with Apartment Hunters, said in Community Impact.