Austin, TX Multifamily Market Report | Cushman & Wakefield | Q4 2025

Market Overview

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Austin delivered 17,014 multifamily units in 2025, a sharp 47% decline from the record 32,035 completed in 2024, marking a clear turn away from the cycle's peak. The pipeline followed suit, contracting 34% year-over-year to 16,023 units under construction. Demand held its own: net absorption reached 20,063 units, among the highest totals nationally and slightly above 2024 levels. Despite that resilience, stabilized vacancy rose to 10.6%, up 120 basis points year-over-year, and average effective rent declined 4.3% annually to $1,498, though the pace of softening slowed to 1.4% quarter-over-quarter by year-end. Investment activity told a more optimistic story: transaction volume surged 83.5% to $588 million across 47 sales, with units traded up nearly 27%. With deliveries falling and absorption steady, Austin is positioned for a gradual recovery in occupancy and rents as remaining supply is absorbed.

‍About Cushman & Wakefield

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Cushman & Wakefield is a global commercial real estate services firm with approximately 52,000 employees across 60 countries and $9.4 billion in revenue. Their Austin Q4 2025 multifamily MarketBeat tracks stabilized vacancy, effective rents, net absorption, and construction activity across 22 submarkets to help owners and investors assess market conditions. To read the full report, click here.