MULTIFAMILY MARKET REPORT
$920
Average Rent
*5+ Units only
3.1%
YTD Rent Change
90.5%
Occupancy
-1.0%
YTD Occupancy Change
3
YTD Properties Sold
38
YTD Units Sold
Permits vs Builds
Amarillo has been experiencing notable growth in its multifamily real estate sector. The city has seen a surge in population due to its diverse economy, including agriculture, healthcare, energy, and manufacturing. The growth of industries in Amarillo has attracted a range of residents, from young professionals to families, driving the demand for multifamily housing options. New apartment complexes and multifamily developments have been constructed to accommodate this demand and provide a variety of housing choices. Amarillo's affordable cost of living, cultural attractions, and business opportunities make it an appealing destination for individuals and families alike.
Occupancy & Rent Trends
RENT vs OCCUPANCY
Average Monthly Mortgage Payment
$1,278
$1,045
Average Monthly Rent
*includes single family rentals and duplexes
ECONOMY
Amarillo's key sectors include agriculture, oil and gas production, manufacturing, healthcare, education, and transportation. Known as the "Beef Capital of the World," Amarillo's agriculture industry primarily focuses on cattle ranching, beef processing, and crop cultivation. The city also plays a significant role in the energy sector, with oil and gas exploration being a major contributor to its economy. Additionally, manufacturing industries, such as aerospace and defense, contribute to the economic growth of Amarillo. The city's strategic location as a transportation hub, with major highways and a prominent railway system, further fuels its economic activities.
1.7%
EMPLOYMENT GROWTH
*As of July (Numbers are Preliminary)
2.7%
JULY '23 UNEMPLOYMENT RATE
U.S UNEMPLOYMENT RATE
3.5%
Economic Development
Source: Amarillo EDC
Amarillo College
Source: Amarillo College
