Welcome to Austin, TX
Why Austin?
Austin has been a top multifamily market for over a decade, driven primarily by extraordinary population and job growth, a young and highly educated work force, and a quickly expanding tech sector. This exponential growth shows no signs of slowing, as Austin’s population is projected to double over the next 25 years.
Median Age
Median Household Income
With Bachelor’s Degree or Higher
Unemployment Rate
The median age in Austin is only 35, and median household income is now $77,000. Furthermore, 51% of the population has a Bachelor’s degree or higher, and the unemployment rate pre-COVID was 2.4% and today stands at 3.5%.
Austin has recently attracted some of the largest corporate relocations and expansions in the country, including Tesla, Oracle, Apple, Google, Indeed, Cirrus Logic, Expedia, Samsung, and Charles Schwab. Austin also offers a low tax and favorable business environment as well as a relatively low cost of living and a very high quality of life – which are the primary motivations for so many companies relocating and/or expanding to the city from all areas, but particularly the West Coast and the Northeast.
Ranks #1 in Company Migration
529 Corporate Relocations/Expansions
and 500,000 Jobs Created
Home Ownership Rate
Over the last decade, Austin ranks #1 in the nation for company migrations from California. Furthermore, there have been 529 corporate relocations/expansions in Austin since 2016, and nearly half a million jobs have been created since 2004 (a 69% increase). Like Denver, rapidly escalating home prices – up 26.5% year-over-year in August 2021 – have become a significant barrier to home ownership, which creates additional demand for multifamily apartments. Austin’s home ownership rate currently stands at 45.1% according to the Census Bureau vs. an average of roughly 65% across the US. Current supply/demand fundamentals are also compelling in Austin – with deliveries of new units anticipated to fall short of demand by 28,000 units over the next 5 years. Population and job growth continue to outpace apartment and single-family construction in Austin.