Amid strong job growth, rents hit a three-year high; vacancy rates are lowest in four years.
The article below, from the Austin Statesman, is yet another indication that Austin’s real estate sales and rental markets may have seen the bottom of the recent three year dip. Back in 2001, when Austin bled jobs, we felt it almost immediately in the residential real estate market. In order for the rental and sales market to thrive, there has to be a steady stream of newcomers to the area coming to fill new jobs. When that activity stopped in 2001, the rental and resale markets suffered – that is all except for the new home builders who sinply sold to all of our remaining good renters.
With job growth in Austin looking good again and companies hiring, the office market becomes a leading indicator of what’s in store for the residential market. The investors that are buying large office buildings in Austin have done a lor more research than you or I, and they like what they see with regard to Austin’s economy and job market. Read the article below.
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