Austin, TX Multifamily Market Report | Cushman & Wakefield | Q1 2026

Market Overview

‍Austin's multifamily market entered Q1 2026 on firmer footing as construction activity continued to retreat and demand remained resilient across a broad range of submarkets. Total inventory reached 320,240 units following 1,979 deliveries during the quarter, while units under construction declined to 16,407, down nearly 32% year-over-year, marking a decisive shift toward a more balanced pipeline. Net absorption reached 3,756 units, up from roughly 3,500 units in the prior quarter, with leasing strength particularly evident in growth-oriented submarkets including North Austin, Northeast Austin (505 units), Southeast Austin (498 units), Round Rock (291 units), and Georgetown/Leander (270 units), reflecting ongoing population inflows and household formation driven by affordability and proximity to employment. Stabilized vacancy increased modestly to 10.7%, up 30 basis points quarter-over-quarter and 100 basis points year-over-year, though several submarkets maintained tight conditions, including West Austin (5.8%), Lake Travis (6.5%), Bastrop County (6.7%), Central Austin (8.0%), and South Central Austin (8.6%). Effective rents declined 5.2% year-over-year to $1,472 per unit ($1.66 per square foot), with West Austin, Downtown Austin, and South Central Austin commanding the highest rent levels in the metro. On the investment side, 10 transactions totaling 3,160 units closed in Q1, with average pricing holding firm at $210,400 per unit, even as total sales volume declined year-over-year due to fewer large institutional trades and a shift toward smaller, defensively positioned assets favored by private capital.

‍About Cushman & Wakefield

‍Cushman & Wakefield is a leading global commercial real estate services firm with approximately 53,000 employees across more than 350 offices in nearly 60 countries, reporting $10.3 billion in revenue in 2025. Their quarterly Austin Multifamily MarketBeat report tracks vacancy, absorption, effective rents, deliveries, and construction activity across 22 submarkets to help owners, developers, and investors assess market conditions and opportunities. To read the full report, click here.