Austin Apartment Market Update

Key metrics for the Austin area multifamily sector recorded positive changes both over the month and over February 2011. Key metrics for the Austin area multifamily sector recorded positive changes both over the month and over February 2011.

Overall occupancy went up slightly after declining for four continuous months. Occupancy went up for all classes over the year. For Class A properties occupancy went up by 0.22% over the month and by 0.5% over the year. Occupancy for Class C properties recorded a decline of 0.37% over the month, but an increase of 1.18% over the year to close at 93.07%.

The average rental rate per square foot continued to rise for all classes. The average for Class A properties increased by $0.004 over the month and by $0.031 over the year to close at $1.097 per square foot.

The average rental rate per unit showed significant increase over the month for all the classes. Over the year, the largest increase was noted for Class B properties; the average increased by $37.19 to close at $759.46 per unit. The Class A average saw a difference of $26.07 compared to February 2011.

5,163 units are in the construction pipeline spread over 22 projects. 26.2% of the units are pre-leasing.

Austin Apartment Market Key Metrics

Occupancy

93.83%

Rent / Unit

$862.12

Rent / SF

$1.025

Monthly Change

+0.20%

Monthly Change

+$3.44

Monthly Change

+$0.006

Annual Change

+1.00%

Annual Change

+$32.73

Annual Change

+$0.041

Absorption was positive 310 units in February and positive 2,097 in the twelve month rolling period. 4,606 units are in the planning stage.


By: Pat C Oconnor

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Source: http://www.articledirectoryusa.com/article/category/finance/leases-leasing/austin-apartment-market-update/

Submitted On Apr 13, 2012. Viewed 492 times.

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