New Supply Won't Slow Multifamily Absorption
With about 10,000 apartment units coming to Austin in the next year, Deverick & Associates managing director Deverick Jordan (left, with IPA capital markets director Brian Adams) thinks rents are heading into uncharted territory. Deverick, who will be among the experts speaking at Bisnow’s Austin Multifamily Summit on Oct 30 at the Hyatt Regency Austin, adds that the rise in rents hasn’t slowed absorption. Most new 200- to 300-unit projects can expect to be absorbed within six months of opening.
One area where Deverick’s seen a lot of activity is the Riverside submarket. It's evolved drastically, transitioning from low-cost housing to a trendy alternative to high-priced downtown living, he says. Deverick is working on several apartments in the area from older student-housing developments being rehabbed to new construction. Don’t forget to save your place for the Oct 30 (7 am, so you'll feel mighty productive) Austin Multifamily Summit.