Other factors driving the demand for rentals are the median price of homes, $126,500, and rising interest rates. That's why it's no surprise that during the first six months of this year construction began on 24 projects that will deliver a little over 7,000 units. In all of 1999, only 6,114 apartments came to market. At the moment, approximately 2,400 additional units have been approved by the city and over 6,100 are awaiting approval, but even that will not satisfy demand, according to the report.
Austin has the most expensive rents in the state, averaging $704 per month, an increase of 8% over the last years versus 6% the year before. Dallas/Forth Worth and Houston rents average $652 and $558, respectively. Austin apartment rents are projected to rise 6% next year.
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