February 2014

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Market Summary

  • All metrics for the Austin area multifamily sector recorded both positive and negative changes in February 2014.

  • Occupancy figures recorded both positive and negative figures for the classes for the month. Class A properties reported an increase of 0.03% over last month, and a decrease of 0.04% over last year. The largest increase over the year was noted for Class B with an increase of 0.16%.

  • The average rental rate per square foot continued to increase for all Classes. The largest noted increase over the month was for Class D properties reporting an increase of $0.03 per square foot. The largest increase over the year was noted for Class C properties with a figure of $0.072 per square foot.

  • The average rental rate per unit continued to record positive changes over the month. Class A properties reported an increase of $0.28 per unit over the month. The largest increase over the month was noted for Class D properties; the figure went up by $1.23 per unit. The largest increase over the year was noted for Class C properties; the average went up by $52.75 per unit to close at $806.44 per unit.

  • 8,878 units are in the construction pipeline, spread over 30 projects. 37.85% of the pipeline is currently pre-leasing.

Austin Apartment Market Key Metrics

 Occupancy

94.02%

 Rent / Unit

$938.27

 Rent / SF

$1.119

 Monthly Change

-0.11%

 Monthly Change

+$0.46

 Monthly Change

+$0.000

 Annual Change

-0.04%

 Annual Change

+$37.46

 Annual Change

+$0.046

Absorption for Austin was positive 14 units in February 2014 and positive 1,515 units in the twelve month rolling period. 1,577 units are in the planning stage.

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


 


 

 

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