As reported in today’s Austin American Statesman, the Austin job growth continues to surge and outpaces the state and national averages by a long shot. In September and October (the two months are combined because you may remember we had a government burb the closed down government) local employers added 11,600 jobs (isn’t that the size of a small city?). The unemployment rate dropped to 5.1% which is 1 point lower than the Texas rate and 2 points lower than the national rate. Drew Scheberle of the Greater Austin Chamber of Commerce was quoted as saying that high-wage and middle-wage jobs are absorbing the new comers.
This is all great news for those of us that own Austin area residential rentals. Area rents continue to increase as there is continued demand for good rent housing.