On February 25, 2011, James G. Lenhardt, President of Hire Priority Staffing paired up with Bruce McClenny, President of Apartment Data Services and Stacy Hunt, Executive Director of Greystar Management Services to discuss the latest economic news and trends in the Austin Apartment Industry. The event was held at the Four Seasons Hotel Austin and attended by many key personnel from the Austin apartment industry. Below is a quick recap of Bruce McClenny’s view on the Austin Apartment market.
According to McClenny, the 2009 economic challenges held almost every industry hostage, including the Austin Apartment Market. He said 2010 was an upward year for the Austin apartment market, with apartment rental rates increasing by 4.1%. Bruce attributes this increase to the absence of new apartment development and the difficulty for buyers to secure a home loan. “Because of the lack of new apartment construction and challenges to obtaining a home loan, renters stayed renting.
McClenny went on to say that the 2011 Austin Apartment Market could see overall rent growth of close to 8%. He attributes this to the same absences as 2010 as well as a rebounding Austin job market and stronger Austin economy.
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