Other factors driving the demand for rentals are the medianprice of homes, $126,500, and rising interest rates. That's whyit's no surprise that during the first six months of this yearconstruction began on 24 projects that will deliver a little over7,000 units. In all of 1999, only 6,114 apartments came to market.At the moment, approximately 2,400 additional units have beenapproved by the city and over 6,100 are awaiting approval, but eventhat will not satisfy demand, according to the report.
Austin has the most expensive rents in the state, averaging $704per month, an increase of 8% over the last years versus 6% the yearbefore. Dallas/Forth Worth and Houston rents average $652 and $558,respectively. Austin apartment rents are projected to rise 6% nextyear.
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