Austin Multifamily Report – November 2025
Occupancy is relatively healthy in light of the volume of new product.
Austin’s multifamily fundamentals softened across the board at the close of the third quarter. Average advertised asking rents inched down 0.2 percent, on a trailing three-month basis through September, to $1,542, 10 basis points below the U.S. figure. The occupancy rate in stabilized properties slid 10 basis points year-over-year, to 92.8 percent in August, as a 10-basis-point uptick in the Lifestyle segment only partially offset weaker RBN demand.
Employment growth decelerated to 1.2 percent year-over-year through July, above the 0.8 percent U.S. rate. Unemployment held at 3.9 percent in August, up 40 basis points year-to-date, outperforming the state (4.1 percent) and U.S. (4.3 percent) rates, according to preliminary data from the Bureau of Labor Statistics. Employers added 9,600 net jobs, led by education and health services (4,900 jobs), government (3,500) and financial activities (2,600), while professional and business services (-2,000) and manufacturing (-1,800) led declines.
Notable projects underway include infrastructure enhancements, such as the construction of a new station in Uptown ATX station, and the 74-story Waterline tower, which topped out downtown.
Developers completed 20,311 units, or 6.0 percent of existing stock, in 2025 through September, leading Yardi Matrix’s top 30 metros. Another 30,431 units were under construction, while starts softened. Investment reached $671 million through September, and the average price per unit rose 14.5 percent year-to-date, to $200,637.
