Austin Net migration has pushed the metro’s population up to 2 million residents.

AUSTIN, TX—A healthy job market and steadily rising population base will bode well for the Austin apartment market this year as operations improve. During the past year, net migration has pushed the metro’s population up to 2 million residents with approximately one-quarter of those living in the capital city between 20 to 34 years old, typically considered the prime renter cohort. Growth in this age segment has led to healthy renter demand during the past several years, resulting in more than 40% of households in rental housing, above the statewide average, says Marcus & Millichap.

John Chang, first vice president of Marcus & Millichap, tells GlobeSt.com: “Job growth and in-migration trends remain strong, fostering heightened demand for apartments in the metro. On average, more than 160 people are moving to Austin each day, and job growth is elevated at more than 4% annually for the past four years, fueling household formation and apartment demand.”

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