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M/PF Research Confirms Austin Multifamily Completions Straining to Keep Pace with Demand

AUSTIN-It's a landlord's world in the state capital, where monthly rent has jumped above $800 for the first time. New completions are failing to curb rent, with demand lagging by a mere 150 units. This year could bring relief due to the number of projects now under way.

By Connie Gore | Updated on January 23, 2001

AUSTIN-New completions in the multifamily market are failing to curb rent or demand in the essentially full state capital, according to the latest data released by Carrollton, TX-based M/PF Research.

The final year 2000 count shows 5,650 units had been delivered, with 2,215 of those coming to market in the fourth quarter. Previous quarterly completions had averaged less than 900 units. But, relief could come this year since there are 10,600 units now under construction in metropolitan Austin.

Annual statistics show delivery can barely keep pace with demand, with annual needs riding at just 150 units below what’s come to market. The workers filling the region’s new 29,100 jobs and high mortgage interest rates are driving a fast-paced building spree, the likes of which have pushed rents to an all-time high of $805.

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