The Austin rental market remains strong, and rent values continue to rise overall. Let’s start with a look at the historic rental value graph. Going back to 1999, the YTD 2010 average and median rental rates still remain below the peaks of 2000/2001.
The big dip in rental rates in Austin following the peak in 2000/2001 was a result of the tech bubble (does anyone even remember that) followed by 9/11. Around the tail end of 2005 our real estate sales market started picking up after remaining flat for 4 years, and rental values started to rise as well. We’re almost back to where we were at the start of the decade.
Next, the chart below shows August year-over-year rental market stats for Austin.