Which Texas Metros Are Giving The Most, Least Multifamily Concessions?
The pipeline of 74,000 units of multifamily delivering in DFW, Houston, Austin and San Antonio by 2019 has many leasing agents offering rent concessions to get residents. New data from CBRE Research shows just how much in each metro.
Though the DFW multifamily pipeline is more robust than any other Texas metro with 29,000 units delivering in 2017, DFW is averaging a moderate one-month free concession to new residents signing leases in Class-A units, equating to $1,990 in savings. San Antonio is also averaging one month free, saving renters about $1,650.
Austin is giving a steeper raw discount than San Antonio at $1,670, though with Austin’s higher rents that is just three weeks free. Houston renters save the most in both months free (1.5) and price ($2,700). That is less of a concession than the two or three months free Houston apartments were offering at the end of 2016.
CBRE Research credits improving fundamentals across all markets as the reason for less favorable move-in specials.