Found 2 blog entries tagged as buildings.

Austin’s apartment construction rate is three times larger than the average rate in 50 of the largest American metro. Photo by Cosmic Timetraveler on Unsplash

CultureMap Austin writes, "if you think new apartment buildings have been popping up nonstop all around the city within the last couple of years, you’d be right. The Austin-Round Rock metro area is experiencing one of the biggest apartment construction booms in the nation, in an effort to alleviate an ongoing affordability crisis.

But while increasing multi-family housing is solving part of the problem, long term it keeps homeownership out of arm’s reach for younger Americans. That’s according to a new report from apartment rental “matchmaker” and marketplace Apartment List.

Austin has spent decades building more housing for its residents, and 2022 saw the highest number – 18.3 – of new unit permits being issued per thousand residents. Austin’s…

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(Octavio Jones for The Wall Street Journal)

Realtor.com reports, "the pandemic-fueled boom for multifamily building owners is fading fast going into 2023.

Apartment vacancies are piling up. The biggest wave of new rental buildings in nearly four decades is expected to cut the pace of rent growth across the country. Some in-demand Sunbelt cities are already experiencing rent declines, in part because many tenants and people searching for apartments feel they can’t devote any more of their income to rent.

Rising interest rates, meanwhile, make rental-property investments less profitable than one year ago when debt was cheap and hefty rent increases were taken for granted.

“We’re necessarily going to get a bit of a pullback,” said Thomas LaSalvia, senior economist at Moody’s Analytics.

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