April 2014

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Market Summary

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

  • Occupancy figures recorded both positive and negative figures for the classes for the month. Class A properties reported a decrease of 0.23% over last month, and a decrease of 0.88% over last year. The largest increase over the month was and year was noted for Class B with an increase of 0.32% and 0.37% respectively.

  • The average rental rate per square foot reported upward trend for all classes. The largest noted increase over the month was for Class D properties reporting an increase of $0.002 per square foot. The largest increase over the year was also noted for Class D properties with a figure of $0.070 per square foot.

  • The average rental rate per unit continued to record positive changes over the month. Class A properties reported an increase of $0.38 per unit over the month. The largest increase over the month was noted for Class D properties; the figure went up by $2.00 per unit. The largest increase over the year was also noted for Class D properties; the average went up by $52.56 per unit to close at $739.26 per unit.

  • 9,599 units are in the construction pipeline, spread over 33 projects. 46.6% of the pipeline is currently pre-leasing.

Austin Apartment Market Key Metrics

 Occupancy

94.19%

 Rent / Unit

$939.16

 Rent / SF

$1.121

 Monthly Change

-0.03%

 Monthly Change

+$0.73

 Monthly Change

+$0.001

 Annual Change

-0.37%

 Annual Change

+$34.61

 Annual Change

+$0.043

Absorption for Austin was positive 203 units in April 2014 and positive 1,396 units in the twelve month rolling period. 1,862 units are in the planning stage.

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


 


 

 

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