The overall apartment market in Austin is doing well with a 94.6% occupancy rate and rents that climbed 6.5% for the year ending in the first quarter, according to MPF Research.

But as rents go up, the Austin market is feeling the residual effects of renters turning toward homeownership.

Data from MPF Research shows net move-outs from 700 Austin apartment units in the first three months of 2012.

MPF says the loss occurred at the top and mid-level segments of the market as home buying prospects increased and renters left for more affordable units.

MPF Research is the market analytics division of RealPage.