In
its "Austin Multi-Family Trend Report," the research firm
Austin Investor Interests tracks the ups and downs of Austin's apartment
and condo markets. As of late, it's mainly ups. Their second-quarter
report for 2007 describes the continued rise in Austin's rental
prices, with the average monthly rent rising $14 over the last quarter
alone. They also note the apartment-flipping squeeze on renters
– condo conversions, combined with expensive refurbishments,
have taken 3,000 apartments off the market. Half of those vanished
units are in "prime" Central and Southeast Austin locations,
which, while formerly demanding slightly higher-than-average rates
of 96 cents per square foot, "are set for redevelopment into
high-end rentals projected to bring in $1.30-1.55/square foot."
Ouch.
• Average occupancy: 92.72%
• Average rent: $780
• Average square feet: 834
• Average cost per square foot: 94 cents
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