Austin Q3 Multifamily Market Insights: Vacancy pushes higher following extended decline



  • Multifamily developers continued to bring new projects online during the third quarter, ultimately pushing the vacancy rate higher. While vacancy rose in recent months, asking rents trended higher at a steady pace.
  • After falling for five consecutive quarters, the vacancy rate increased in the last three months, rising 50 basis points during the third quarter to 5.1 percent. Year over year, the rate improved by 60 basis points.
  • Asking rents in Austin continued to push higher in recent months, rising 2 percent during the third quarter to $1,546 per month. Year over year, local apartment rents are up 12.9 percent.
  • The pace of multifamily transactions slowed by 35 percent from the second quarter to the third quarter. In sales where pricing was available, the median price to this point in 2022 is $221,700 per unit, up 7 percent from the median price in 2021.

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