|Angelos Angelou, a very well respected economist, reinforced to his audience that I am not the only one that loves our city.
50,000 people moved to Austin last year and he forecasts 125,000 additional people in 2011 and 2012. He also expects 44,000 new jobs. This large migration to Austin is definitely going to put a strain on our public infrastructure and housing inventory.
Austin is forecasted to have a 17,500 unit shortage of multi-family units and a 5,800 new home shortage over the next two years.
In downtown, we are already feeling the pain due to a lack of apartments. The rental rates are now averaging $1.91/ft. While the average apartment complex downtown is more than 96% leased. The most expensive apartment complex downtown is now 100% leased as of last week. These trends are going to push people into buying as rental rates increase.
All of the condominiums that delivered in 2008 and prior have been sold. The Spring, which delivered in 2009 only has about 70 units left (they sold 11 last month). The Four Seasons, W and Austonian have been selling quite well. Most importantly there are no new condo projects under construction. So our current inventory is all that you can expect in downtown for the next 3-5 years. Sorry about my tangent on statistics, but the numbers don’t lie: Austin is the place to be!