Increase in apartment options led to flat rental rates in Cedar Park and Leander

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The supply of apartment units coming online in the Greater Austin area—and in the Cedar Park and Leander area—is outpacing the demand for those types of products.

According to numbers from Apartment Data Services, which provides information on multifamily properties, rental rates in the Cedar Park and Leander ZIP codes have fluctuated slightly over the past two years. While rental prices have gone up and down, the annual growth trend has been a 0.18 percent increase in rates from July 2016 to June 2018.

ADS President Bruce McClenny said rent prices have not changed much in the last two years because of the number of apartment units coming online.

According to Apartment Data, three out of the past four years have seen more than 11,000 units added to the Austin area market annually. McClenny said the area market tends to operate better at delivering 7,000 units per year.

“There’s just been too many units delivered, so there’s been an oversupply of units,” he said. “So when that happens, the prices go down or stay flat, which is a good thing for renters.”

McClenny said the Austin area as a whole is seeing this trend in fluctuating rental prices.

“It’s kind of like you’re sailing a sailboat where you’re tacking, you’re going out and coming back,” he said. “As an operator, you’re testing if you can get these rents, so you might pop them up a bit but you might bring them down next month because people responded to that rent increase.”

More local real estate trends:

High home construction, sales help meet housing market demand in Leander and Cedar Park

Buyers in Cedar Park and Leander see competition for starter homes

More existing homes available in Cedar Park; New home construction in Leander prevails

Homes on smaller lot sizes coming on the market in Leander and Cedar Park

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Caitlin covers Cedar Park and Leander city councils and reports on education, transportation, government and business news. She is an alumnus of The University of Texas at Austin. Most recently, Caitlin produced a large-scale investigative project with The Dallas Morning News and led education coverage in the Brazos Valley at The Bryan-College Station Eagle. After interning with Community Impact Newspaper for two summers, she joined the staff as a reporter in 2015.
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