EMPLOYMENT: Nearly matching last year’s additions, Austin will welcome 35,000 jobs on net in 2024. This brings total employment to roughly 40 percent above where it was a decade prior.
CONSTRUCTION: Metro inventory will grow by an unprecedented 8.9 percent, the largest expansion among major U.S. markets, reaching a local record-high completion slate for the fifth consecutive year.
VACANCY: The sudden and persistent acceleration in Austin’s stock has placed significant upward pressure on vacancy, despite continued renter demand. By year-end, the metric will reach 7.9 percent.
RENT: The average effective rent in Austin fell by 1.7 percent in
2023, a trend that will reverse in 2024. By December, the mean effective rent will inch up to $1,650 per month.
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