August 2014

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Market Summary

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

  • Occupancy figures recorded both positive and negative figures for the classes for the month. Class A properties reported an increase of 0.87% over last month, and a decrease of 1.30% 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 0.46%.

  • The average rental rate per square foot reported upward trend for all classes. Class A reported an increase of $0.003 per square foot from last month. The largest monthly increase was noted for Class A and Class D properties reporting an increase of $0.003 per square foot. The largest increase over the year was also noted for Class D properties with a figure of $0.066 per square foot.

  • The average rental rate per unit continued to record positive changes over the month. Class A properties reported an increase of $2.50 per unit. On a year-over-year basis Class A properties reported an increase of $29.21 per unit. The largest increase over the year was noted for Class D properties; the average went up by $48.23 per unit to close at $775.55 per unit.

  • 7,111 units are in the construction pipeline, spread over 24 projects. 35.25% of the pipeline is currently pre-leasing.

Austin Apartment Market Key Metrics

 Occupancy

94.64%

 Rent / Unit

$950.64

 Rent / SF

$1.135

 Monthly Change

+0.44%

 Monthly Change

+$2.01

 Monthly Change

+$0.002

 Annual Change

-0.47%

 Annual Change

+$30.00

 Annual Change

+$0.037

Absorption for Austin was positive 854 units in August 2014 and positive 1,920 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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