All metrics for the Austin area multifamily sector recorded positive changes in May.
Overall occupancy increased both over the month and over the year for all classes. Class A occupancy went up by 0.3% both over the month and over the year to close at 94.9%. September 2011 was the only month when occupancy crossed 95% for this class. Occupancy in Class B properties went up by 0.84% over the year to close at 93.9
The average rental rate per square foot for Class A properties went up by $0.003 over the month close at $1.107 per square foot. For Class B properties, the average per square foot stood at $0.990 per square foot.
The average rental rate per unit went up by $32.73 for Class A properties to close at $1,030.94 in May. The largest annual increase was recorded for Class B properties; for this class, the average went up by $41.88 per unit to close at $767.21 per unit.
6,457 units are in the construction pipeline spread over 26 projects. 21.86% of the pipeline (or 1,412 units) is pre-leasing.
Austin Apartment Market
Rent / Unit
Rent / SF
Absorption was positive 364 units in May and positive 1,621 units in the twelve month rolling period. 4,737 units are in the planning stage.
To subscribe or unsubscribe to this update, please send an email to Scott Sherrill or call
1-800-856-REAL (7325) ext. 4264.
O’Connor & Associates / Research & Consulting Group