Austin Lease Property Market Surpasses 6,000 Listings in June 2024

June 20, 2024 : The Austin-area lease property market has experienced remarkable growth over the past decade, with a significant milestone reached in June 2024. For the first time, the inventory levels for lease properties have surpassed 6,000, standing at 6,361 active listings. This increase reflects a broader trend of expansion and change within the market, offering insights into the evolving dynamics of real estate in Austin.

In January 2014, the number of active lease listings was 1,892. Over the next decade, this figure saw a steady rise, culminating in a substantial increase to 5,046 by January 2024. This pattern continued throughout the year, with February 2024 recording 4,864 active listings, a significant rise from the 1,776 listings in February 2014. March has shown a notable increase as well. In 2014, the active listings were 1,868, which grew to 4,754 by March 2024. The trend persisted through April, where listings jumped from 2,123 in 2014 to 5,098 in 2024. May saw a similar trend, with listings rising from 2,412 in 2014 to 5,958 in 2024.

June 2024 marks a pivotal point, with 6,361 active lease listings, the highest in a decade. This growth is part of a broader pattern observed throughout the year. July 2023 had 5,525 listings, reflecting the rising demand and supply in the Austin lease market. By August 2023, the listings had increased to 5,713, and by September 2023, they reached 5,796. October 2023 saw 5,734 active lease listings, continuing the upward trend. In November 2023, the listings were at 5,449, and by December 2023, they had slightly decreased to 5,161. However, the overall trend shows significant growth year-over-year.

The average number of active lease listings from 2014 to 2024 also highlights this growth. In 2014, the average was 2,315 listings, which increased to 5,347 by 2024. This upward trajectory is a testament to the changing landscape of the Austin lease property market. Year-over-year changes further underscore this growth. From 2015 to 2016, there was a notable increase in most months, with February 2015 showing a 15.6% rise compared to the previous year. The market saw slight decreases in 2017-2018, indicating a period of adjustment. However, from 2020 to 2021, a significant decrease likely due to market disruptions was observed. The sharp increases from 2023 to 2024 reflect a strong rebound, with June 2024 showing a 108.7% increase from the previous year.

Graphs illustrating the number of active lease listings and year-over-year percentage differences paint a clear picture of this growth. The sharp upward trend from 2022 to 2024 highlights the increasing demand and supply in the lease market. The peak inventory levels in June 2024 and the troughs during 2021 reflect the market's response to various factors, including economic conditions and market demands. The substantial increase in inventory levels in 2024 suggests a significant expansion in the lease market, driven by higher demand and an increase in property listings.

The data from the past decade reveals a consistent pattern of seasonal variations, with inventory typically peaking during the mid-year months of May to August. This pattern provides valuable insights for stakeholders, including property managers, rental agents, and investors, as they navigate the evolving market dynamics. In conclusion, the Austin-area lease property market has reached a significant milestone with over 6,000 active listings in June 2024. This growth reflects broader trends and changes within the market, providing a detailed look at the evolving real estate landscape in Austin. The consistent increase in inventory levels highlights the strong demand for lease properties and the market's capacity to meet this demand. 

This article is based on data published on June 20, 2024. Austin Real estate statistics are constantly evolving. For the most current data and analysis, please refer to the following resources, updated weekly: Austin Residential Lease Inventory