September 2014

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Market Summary

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

  • Occupancy figures recorded both positive and negative figures for the classes for the month. Class A properties reported an increase of 0.03% over last month, and a decrease of 1.34% over last year. The largest increase over the month was noted for Class B properties. The largest annual increase was noted for Class B with an increase of 0.61%.

  • The average rental rate per square foot reported marginal increase for all classes. Class A reported unchanged figure from last month. The largest monthly increase was noted for Class B reporting an increase of $0.002 per square foot. The largest increase over the year was noted for Class D properties with a figure of $0.066 per square foot.

  • The average rental rate per unit recorded both positive and negative changes over the month. Class A properties reported a decrease of $0.05 per unit. On a year-over-year basis Class A properties reported an increase of $24.63 per unit. The largest increase over the year was noted for Class D properties; the average went up by $48.42 per unit to close at $775.70 per unit.

  • 7,111 units are in the construction pipeline, spread over 24 projects. 53.38% of the pipeline is currently pre-leasing.

Austin Apartment Market Key Metrics

 Occupancy

94.72%

 Rent / Unit

$950.90

 Rent / SF

$1.136

 Monthly Change

+0.08%

 Monthly Change

+$0.26

 Monthly Change

+$0.001

 Annual Change

-0.51%

 Annual Change

+$25.42

 Annual Change

+$0.032

Absorption for Austin was positive 139 units in September 2014 and positive 1,867 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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