Austin's Growth Is Creating Suburban Boomtowns
By all accounts, Austin is booming. A mix of strong population growth and a healthy job market has created a city that has to grow up and out just to accommodate the people already living here. FourPoint Investments director of multifamily investments Kevin Dufour breaks it down for us at Bisnow's multifamily event in Austin on June 29. Join us to get the full lowdown on multifamily development, and read on for a preview.
Kevin tells Bisnow that 14,500 new units are expected to be delivered in Austin in the next 12 months, and about 7,800 are about to go under construction. So far, Austin is keeping up with absorption. Multifamily developments have about 94.1% occupancy.
The population surge has driven six years of rent growth, Kevin tells us. Now Austin’s suburbs are benefiting from a halo effect. Cedar Park has grown 3%. Even towns farther afield, like New Braunfels and Georgetown, are benefiting. Georgetown is the fastest-growing area in the country, according to the US Census Bureau. The small town north of Austin has grown 7.8% in a single year, while New Braunfels has grown 6.6%.
With fewer multifamily houses being built in central Austin, affordable housing and transportation are two issues that Austinites will have to figure out sooner rather than later. With few natural physical barriers to sprawl, Austin’s continued growth is inevitable.
Hear more facts, figures and fun stuff at Bisnow's multifamily forum on June 29. We start bright and early at 7:30am at the JW Marriott in Austin. Get your tickets here.
