Austin’s Rents to be the Fastest Growing in the Nation

Here is another very interesting article from Mark Sprague where he points out that “There is no such thing as a national real estate market. A sale in Tucson has no bearing on a sale in Houston or Atlanta or Boston.”  So when you hear news reports about the Case-Schiller Index which is often used to descibe the health of the nation real estate market, think twice before you apply the findings to our local market.  Sprague also points out that the Case-Schiller Index data is on two month delay, includes only 20 cities, and considers only single-family resales, no new construction, condos, or multi-family homes.

Here is some other interesting information I learned from this article:

  • We have 58,000 people moving here annually
  • Austin will not be able to build enough homes or developed lots to meet the demand for the next three years.
  • Rent increase in Austin is projected to be higher than anywhere else in the nation.
  • Austin’s population is currently at 1.7 million and projected to double to 3.4 million by 2030.
  • The two 1000+ room hotels planned, The Manchester and the Marriott Marquis, will bring in another 1000+ permanent jobs, an annual additional $13 million to $46 million in spending revenues as well as an additional 1.2 million to 2.9 million in additional tax revenues.

Here is the entire article:  http://www2.independencetitle.com/VOICE/IndependenceVoice030212.pdf