Austin Apartments: Hot Investment Potential!

Palos Verdes, California-based Center for Real Estate Studies today released its annual "Forecast of Increases in Apartment Rents and Median Sales Prices." The dryly-named report ranks the nation's top 37 markets for multifamily investing - Austin came in at ninth for growth potential over the next two years. From the Austin Business Journal:

Austin's apartment rates are projected to expand at a 2.1 percent rate, making it the ninth-best market. The study projects the greatest gains in apartment investing will be in areas where high-quality apartments are targeted by empty nesters and aging baby-boomers.

That condominium we posted about last week is still on the market, but it's one of very few available out there. Existing apartment complexes - most built during the early eighties' boom - scarcely go for sale, and most of the new developments, such as the Eastside's new seven-acre Robertson Hill Apartment Homes that began construction last week, can barely keep up with the increasing influx of people. Our conclusion? If you're looking to buy rental property, now's the time.