February 2015

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Market Summary

  • Key metrics for the Austinarea multifamily sector recorded both positive and negative changes in February 2015.

  • Occupancy figures recorded mostly upward trend for the classes for the month. Class A properties reported an increase of 0.17% over last month, and a decrease of 0.30% over last year. The largest monthly increase note for Class C, an increase of 0.23%. The largest annual increase was noted for Class B with an increase of 0.79%.

  • The average rental rate per square foot reported marginal increase for all classes. Class A reported an increase of $0.001 per square foot over last month and an increase of $0.026 per square foot on an annual basis. The largest monthly increase was noted for Class C properties reporting an increase of $0.004 per square foot. The largest increase over the year was noted for Class D properties with a figure of $0.087 per square foot.

  • The average rental rate per unit recorded mostly positive changes over the month. Class A properties reported a decrease of $0.28 per unit over previous month. The largest increase over the month was noted for Class B properties ($1.23 per unit). On a year-over-year basis Class A properties reported an increase of $17.96 per unit. The largest increase over the year was noted for Class D properties; the average went up by $64.59 per unit to close at $797.70 per unit.

  • 6,516 units are in the construction pipeline, spread over 23 projects. 43.62% of the pipeline is currently pre-leasing.

Austin Apartment Market Key Metrics

 Occupancy

94.13%

 Rent / Unit

$965.01

 Rent / SF

$1.154

 Monthly Change

+0.16%

 Monthly Change

+$1.08

 Monthly Change

+$0.002

 Annual Change

+0.11%

 Annual Change

+$26.65

 Annual Change

+$0.035

Absorption for Austin was positive 373 units in February 2015 and positive 2,493 units in the twelve month rolling period. 2,176 units are in the planning stage.

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


 


 

 

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