July 2014

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Market Summary

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

  • Occupancy figures recorded both positive and negative figures for the classes for the month. Class A properties reported an increase of 0.21% over last month, and a decrease of 1.92% over last year. The largest increase over the month was noted for Class A properties. The largest annual increase was noted for Class B with an increase of 0.67%.

  • The average rental rate per square foot reported upward trend for all classes. Class A reported an increase of $0.004 per square foot from last month. The largest monthly increase was noted for Class D properties reporting an increase of $0.038 per square foot. The largest increase over the year was also noted for Class D properties with a figure of $0.081 per square foot.

  • The average rental rate per unit continued to record positive changes over the month. Class A properties reported an increase of $2.34 per unit. On a year-over-year basis Class A properties reported an increase of $31.81 per unit. The largest increase over the year was noted for Class D properties; the average went up by $59.14 per unit to close at $773.08 per unit.

  • 7,636 units are in the construction pipeline, spread over 26 projects. 39.70% of the pipeline is currently pre-leasing.

Austin Apartment Market Key Metrics

 Occupancy

94.20%

 Rent / Unit

$948.63

 Rent / SF

$1.133

 Monthly Change

+0.12%

 Monthly Change

+$4.07

 Monthly Change

+$0.006

 Annual Change

-0.63%

 Annual Change

+$33.42

 Annual Change

+$0.042

Absorption for Austin was positive 523 units in July 2014 and positive 1,509 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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