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While the mortgage market struggles to survive Austin apartment rents went up by 10.1% or almost twice the national growth (5.36%). This means an average $911 paid perm unit per month, a recent report from Axiometrics Inc. shows. The same report highlights that Austin apartment rentals cost an additional $66 per month compared to Dallas apartment rents.
According to Jay Denton, vice president of Research at Axiometrics Inc, Austin ranks first in rents paid for an apartment unit in Texas, and it holds this distinction since May 2009.
Before the 2009 milestone Dallas and Austin rental markets were priced about the same. More precisely between 2002 and 2005, and in 2006 Austin’s growth took off, so by May 2009 rent prices reached the highest point in the state. However, the Axiometrics report does underscore that the Austin market is also the best.
The recent release says Austin’s occupancy rate hit the tightest point in 10 years, 95.4%. The numbers show high demand for rental buildings and they say there are around 50 new apartment projects planned in the area.