Austin Apartment Market Update October 2011

Key metrics for the Austin area multifamily sector continued to remain mostly positive in October.
Overall occupancy came down slightly, with occupancy for Class A properties recording a decline of 0.37% to close at 94.72%.
The average rental rate per square foot increased by the same margin by which it had increased in September, representing a steady climb since July this year. The Class A average closed at $1.085 per square foot, while the Class B average improved by $0.007 to close at $0.959.
The average rental rate per unit increased by $3.18 for Class A properties to close at $1,011 per unit. The Class B average went up by $6.06 to close at $741.86.
3,194 units are in the construction pipeline, of which just over 27%, spread over five projects, are pre-leasing.

Absorption was negative 310 units in October and positive 2,458 in the twelve month rolling period. 4,774 units are in the planning stage.