Texas

With its unique culture, relatively low cost of living, warm weather and booming economy, Austin has emerged as one of the fastest-growing cities in the United States. As more people and companies flock to this vibrant city, the multifamily real estate market looks primed for growth from both a development and investment perspective. At its core, this real estate potential lies in the fact that the housing supply needs to keep up with a growing population of workers. According to the Austin Board of Realtors (AboR), in October 2019, the number of homes sold reached new highs, while the inventory of single-family homes reached new lows. As this gap shows, and as ABoR notes in its report, housing demand is outpacing housing stock, particularly in areas close to major employers and transit options. To remedy this problem, multifamily developers and investors can step in to build multi-unit buildings throughout Austin. Adding multifamily buildings can help tackle the housing shortage much faster than building more single-family homes, and many newcomers to Austin are young, well-paid professionals looking to rent apartments in exciting urban neighborhoods. As such, developers and investors can look to add more units in both existing high-density areas that …