According to data from a research done by MPF Research ? a division of RealPage Inc. ? Austin rental rates saw the fifth largest jump nationally. Austin apartment rental rates grew by 6.9 percentage points over the last year.
Four west coast cities outranked Austin for the tops spots for the highest rate growth in national metro areas. Those cities were San Francisco, which increased 13.4 percent, it?s neighbor San Jose, which jumped 13.1 percent, Oakland, up 7.7 percent and finally Seattle which was saw a growth of 7.3 percent.
Nationally rental rates increased 4.2 percent.
MPF Vice President Greg Willett had this to say:
?All the bad news that?s out there about the state of the overall economy is making apartment owners and managers a little nervous. To date, however, operators clearly aren?t letting some uncertainty about the future play much of a role when setting current rents.?
MPF Research said they anticipate that 2012 will very much the same as this year has gone so far. Occupancy rates are expected to rise another half to full percentage point, and rents are again expected to rise anywhere between 4 and 5 percent.
With rental rates on an annual rise it?s actually a great thing for the Austin real estate market. As lease rates begin to approach costs for mortgages those savvy to the idea will start working on buying properties as opposed to leasing. As recently as August, 2011 the average rental rate for a 1 bedroom was $772, and $1043 for a 2 bedroom. And with mortgage rates dropping so much, it is beginning to make more sense to make the switch from leasing to buying.
Source: http://paulsellstx.com/2011/09/austinnational-rental-rates-climb/
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