Austin’s a great place to live, I think we’d all agree. The entertainment, food, schools, and events make this a place to be proud to call home. Recently, more and more people have come to the same realization and are moving here in droves. In fact, in a recent look at metropolitan areas across the country, Austin experienced the largest influx of new residents coming from a different metro area or abroad. Employment opportunities continue to be stronger here than most of the country, attracting more and more people.
Just how many people are we talking about? In 2009 alone, it is estimated that 116,234 people moved to Austin from another metro area or from abroad. That equates to a 6.9% increase in population from other locations. This does not count increasing family sizes of existing residents. In other words, Austin is growing and doing so at a greater pace than elsewhere.
This influx of new residents is the reason we are seeing good absorbtion rates for new rental housing, which will lead to an increase in homebuyers in the area. There is currently a lot of pent-up housing demand being created in our rental community, as occupancy rates increase leading to higher rents. While Texas appears to be fairing better than average in our current economic situation, Austin was the only Texas city to appear in the Top 10 cities in this report. Austin continues to be an attractive place to live, work, and attend school so it comes as no surprise to learn that we are a destination location for the U.S. and the world.