Submarket Spotlight | Q2 2024 | Austin

June 25, 2024

Submarket Report



Austin’s multifamily market is currently under some stress, as evidenced by a high vacancy rate of 14.0% and a decline in asking rents by 5.4% year-over-year, the sharpest reduction across the country. This is primarily due to an influx of new units that has outstripped demand, with over 13,600 units delivered in the first half of 2024 alone, although absorption has improved to 8,100 units during the same period.