January 2015

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Market Summary

  • Key metrics for the Austin area multifamily sector recorded both positive and negative changes in January 2015.

  • Occupancy figures recorded mostly downward trend for the classes for the month. Class A properties reported a decrease of 0.36% over last month, and a decrease of 0.44% over last year. The largest annual increase was noted for Class B with an increase of 0.37%.

  • The average rental rate per square foot reported significant increase for all classes. Class A reported an increase of $0.001 per square foot over last month. The largest monthly increase was noted for Class D properties reporting an increase of $0.007 per square foot. The largest increase over the year was also noted for Class D properties with a figure of $0.090 per square foot.

  • The average rental rate per unit recorded positive changes over the month. Class A properties reported an increase of $1.08 per unit over previous month. The largest increase over the month was noted for Class D properties ($6.49 per unit). On a year-over-year basis Class A properties reported an increase of $18.52 per unit. The largest increase over the year was also noted for Class D properties; the average went up by $65.79 per unit to close at $797.67 per unit.

  • 6,229 units are in the construction pipeline, spread over 22 projects. 50.02% of the pipeline is currently pre-leasing.

Austin Apartment Market Key Metrics

 Occupancy

93.97%

 Rent / Unit

$963.93

 Rent / SF

$1.152

 Monthly Change

-0.25%

 Monthly Change

+$2.51

 Monthly Change

+$0.003

 Annual Change

-0.16%

 Annual Change

+$26.04

 Annual Change

+$0.033

Absorption for Austin was negative 186 units in January 2015 and positive 2,134 units in the twelve month rolling period. 2,461 units are in the planning stage.

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O’Connor & Associates / Research & Consulting Group
Houston: 713-686-9955  


 


 

 

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