Cindi Reed, ApartmentData.com’s Regional Vice President of Sales and Business Development, released a video update on Austin, Texas’s market conditions through October 2020. Reed discussed the marketplace changes as a result of the economic environment due to COVID-19.
Reed reviewed overall monthly rent figures for Class A, B, C, and D properties. Austin’s monthly rent dropped an average of $62 per apartment unit, or 4.7%, between March and October 2020. Class A properties saw the most significant impact, where there was a decrease of $135 per unit on average, or an 8% decrease.
“A lot of this is in the core of Austin in the downtown area,” Reed revealed. Austin saw some of the most significant decreases across the state of Texas. “We’ve absorbed about 2,500 units so far this year,” Reed said. She explained that other markets around Texas have seen absorption begin to rebound and get back to a typical number.
Reed discussed other facets of the Austin market, including figures from the submarkets in the core of downtown Austin and surrounding areas. There was a mix of positive and negative numbers, which you can see in the video below.
Want to see more videos like this one? Subscribe to ApartmentData.com on YouTube. For more information about the Austin market and to receive a full report, contact Cindi Reed via email at cindi@apartmentdata.com or by phone at 512-969-1499.