Austin Construction Collapses as Housing Market Struggles

  • 📰 Newsweek
  • ⏱ Reading Time:
  • 26 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 52%

Business News News

Business Business Latest News,Business Business Headlines

The Texas capital has seen a decline in multifamily building permits.

Austin, Texas, has seen the nation's biggest drop in permits to build multifamily homes as demand has waned partly because residents are finding it difficult to afford rent that soared at the height of the COVID-19 pandemic.This year, the city has seen builders secure 21 permits per 10,000, almost half of the average it recorded between 2021 to 2023, according to real estate platform Redfin.

'There's already a near-record number of new multifamily units hitting the market due to a building boom in recent years, making it difficult for some property owners to find tenants.'Despite Austin's building boom slowing, the Texas capital is still one of the leading cities where builders are securing permits, behind only Cape Coral, Florida.But as those properties are set to hit the market, Austin has seen rent decline substantially, with asking prices down 7 percent in May.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 468. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines