Austin Apartment Development is perhaps one of the most robust and resilient markets in the U.S as evidenced by a sound comeback following the global coronavirus pandemic that caused disruptions across industries. Despite the pandemic, Austin’s housing and real estate market still looks attractive in 2021, the Austin Business Journal has reported. The ever-growing employment rates from some of the most influential companies such as Apple and Oracle have meant that home sales are rising even as the prices rise. Today, the inventory of homes that are available at any given month is averagely one, an indicator that the market is extremely competitive.
Located strategically in central Texas in the middle of lakes and rivers such as the Colorado River, the city is the 11th most populated in the country thanks to its attractive economy and amazing settlement. It has a diverse economy, which has made the dwellers in the city to be nicknamed many things, including Keep Austin Weird, the Silicon Hills and the Live Music Capital and more. Being a home to many leading tech companies, the city’s economy is poised to grow even greater thanks to the growing interest by other top fortunate companies in the biotechnology, pharmaceutical and technology sectors to enter the Austin market.
Population Growth
The WalletHub has ranked Austin highly as one of the fastest-growing cities. In a report that set out to compare 515 cities in terms of population and other indicators such as GDP per capita, unemployment rate, economic growth, and population change, it was found that Austin was the leading in population growth in the past 10 years back-to-back. A survey showed that approximately 100 people move into the city of Austin daily. Here is a summary of population statistics about Austin:
–Almost 2.5 million people reside in the metropolitan area of Austin-Round Rock. Besides, it is home to over 1 million people
The population in Austin has been growing at about 2.5 percent year-over-year
–Between 2009 and 2019, the population of Austin rose by 32 percent.
Austin rates highly as a preferred destination for migrating talent. Over 6 percent of Austin residents lived elsewhere a year before settling in Austin.
–Projections have shown that the city’s population will grow to more than double to about 4.5 million people by 2050.
Job Market
The employment situation in Austin is fairly good, at least if the 2.86% year-over-year and the median household incomes increasing by 4.3% over the same period. It is no doubt that Austin has been rated the best job market in the U.S over the last five years.
Owing to the trends discussed above, Austin’s real estate market has been enjoying a boom for the past few years. The dramatic drop in the inventory of homes available for sale explains this scenario. With more businesses looking to enter the market, it is projected that Austin’s construction and real estate market will outperform in 2021 and years to come. No wonder the WalletHub survey has shown that Austin ranks 7th best real estate market in the entire U.S based on the ongoing housing market activity and the resilience of the economy. These statistics show that Austin Apartment Development is projected to grow even more in the coming years. This is a real indicator that investors in apartment development stand to gain if they invest in Austin’s real estate and rental property market.
