Marcus & Millichap (NYSE:MMI), has published its Q2 2026 Austin Multifamily report.
“Austin continues to distinguish itself as one of the nation’s most compelling multifamily investment markets, supported by exceptional population growth, expanding high-wage employment and moderating new supply.
As development activity tapers and demand remains resilient, the market is well-positioned for improving fundamentals, creating attractive opportunities for investors seeking both long-term appreciation and stable income,” stated Bruce Bentley III, senior managing director, market leader.
Key findings include:
Population growth and job creation continue to support apartment demand. Austin leads major U.S. metros in population growth and household formation relative to its size, fueled primarily by relocation, while nonfarm employment is projected to increase by 19,000 jobs (1.3%) in 2026.
Development activity is slowing, helping rebalance market fundamentals. Approximately 8,600 units are forecast to be delivered in 2026, a 2.4% inventory increase, as construction eases across many historically active submarkets, reducing future supply pressures.
Vacancies are expected to improve while rents continue to grow. Vacancy is forecast to decline 30 basis points year over year to 7.3%, while the average effective rent is projected to reach $1,430 by year-end, representing 2.4% annual growth. Downtown continues to lead the metro with the strongest rent gains.
Investment activity remains supported by long-term market fundamentals. Although transaction volume declined year over year, Austin continues to command the highest average price per unit among major Texas metros, with larger institutional transactions still representing more than half of total sales activity.
Submarket opportunities are emerging across the metro. Midtown and North-Central Austin remain active for Class C investment, while Round Rock-Georgetown is attracting attention due to strong population growth, sub-6% Class B vacancy, and continued technology-sector expansion.
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“While transaction activity has moderated, investor interest remains firmly rooted in Austin’s long-term fundamentals. Opportunities are emerging across a range of submarkets as improving market conditions and sustained economic growth continue to support confidence in the region,” added Bentley.
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 2025. The company had 1,808 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate at year end.
