Most metrics for the Austin area multifamily sector recorded positive changes in June.
Overall occupancy recorded a marginal decrease over the month while continuing to increase over the year. Over the month, occupancy came down for Class A properties by 0.24%, and by 0.07% for Class B properties. The average occupancy for Class A properties also decreased over the year, by 0.23%.
The average rental rate per square foot for Class A properties went up by $0.007 per square foot, over the month, to close at $1.114 per square foot. The average increased by $0.006 for Class B properties to almost $1 per square foot.
The average rental rate per unit recorded significant changes for all classes, both over the month and over the year. For Class A properties, the average went up by $6.56 over the month and by $36.63 over the year to close at $1,037.50 per unit. The largest annual increase was noted for Class B properties for which the average has gone up by $45.70 to close at $772.08 per unit.
6,486 units are in the construction pipeline spread over 26 projects. Over 22% of the pipeline (or 1,469 units) is currently pre-leasing.
Austin Apartment Market
Rent / Unit
Rent / SF
Absorption was negative 131 units in June and positive 1,230 units in the twelve month rolling period. 4,507 units are in the planning stage.
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O’Connor & Associates / Research & Consulting Group