AUSTIN, Texas — New research shows that the state’s real estate markets are still feeling the effects of recent building booms, especially in the capital city.
That’s just one of the many factors driving markets that an outlook from the Texas Real Estate Research Center at Texas A&M University explained. Daniel Oney, the center’s research director, said that while Austin is only approximately 13% of the apartment market in Texas, they have 22% of those unleased apartments. He explained that a developer in Texas will typically start a new apartment every time there are two new households in a market, but now they have an oversupply.
“Austin, for a while there were four apartments for every household that showed up,” Oney says. “So they were, they were building apartments at eight times the historical rate.”…