Rents in Austin are recording a visible increase during the past 12 months due to a couple of factors, of which the most striking is the area's economic development last year and continuing this year.

The general plan requires that cities meet housing goals to meet demand and population growth, but there is no penalty when cities don't follow the guideline.

The New York-based company, Lafayette Communities, is launching its first single-family development, 51 detached homes, in Tampa, FL in June.

Highwoods now owns an 80% interest in the joint venture. The company estimates the project will involve a total investment of $72 million.