• Crane Watch: Apartment construction booming in Austin even as rental rates fall

    Crane Watch: Apartment construction booming in Austin even as rental rates fall
    AUSTIN (KXAN) -- Multifamily housing development in the Austin area is on fire.Roughly 18,000 multifamily units were built during the first nine months of 2023, according to commercial real estate firm Partners. In the third quarter alone, production nearly doubled compared with the same period in 2022, from 3,996 to 7,508 units built. But that huge increase in supply has led to a decline in occupancy rates, which fell to roughly 89% in the third quarter from 92% in the year-ago period, Partners

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