According to a report on KVUE news, the current Austin real estate market is a builder’s one due to a construction boom. According to the Texas Real Estate Center at Texas A&M University analyzing data from the U.S. Census Bureau, the number of new homes that received permitting and are under construction so far this year is 11,165. This construction boom includes single-family homes as well as multifamily rental communities in Austin and its surrounding suburbs.
This current market is record-breaking. Last month, Boston-based Berkshire Residential Investments purchased the Santal, a 448-unit complex at 7624 Tecoma Circle. The $152 million sale was “one of the largest sales we’ve ever seen in Austin,” said Sam Tenenbaum, director of analytics and Central Texas economist for CoStar Group. The seller was Austin-based Stratus Properties Inc, which is one of the developers to watch that we feature later in this post.
It’s no secret that Austin is growing into a tech hub with major potential. Over the last two years alone, 5,000 jobs were created, as over 100 tech companies have relocated to the city. As more people move to Austin for these jobs, the need for new housing increases.
Compared to other major markets in Texas, Austin boasted the largest spike in multifamily developments in 2021, with 74 completed projects and 18,324 units.
There are a few key developers adding to the Austin skyline and its surrounding residential communities, including Milestone Community Builders, Walton Global, Trinsic Residential, Stratus Properties, and Endeavor Real Estate.