November 2014

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Market Summary

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

  • Occupancy figures recorded both positive and negative figures for the classes for the month. Class A properties reported an increase of 0.08% over last month, and a decrease of 0.13% over last year. The largest annual increase was noted for Class D with an increase of 0.42%.

  • The average rental rate per square foot reported marginal increase for all classes. Class A reported an increase of $0.005 per square foot over last month. The largest monthly increase was noted for Class C and Class D properties reporting an increase of $0.011 per square foot in respective. The largest increase over the year was noted for Class D properties with a figure of $0.073 per square foot.

  • The average rental rate per unit recorded positive changes over the month. Class A properties reported an increase of $4.12 per unit over previous month. The largest increase over the month was noted for Class D properties ($9.65 per unit). On a year-over-year basis Class A properties reported an increase of $19.24 per unit. The largest increase over the year was also noted for Class D properties; the average went up by $53.40 per unit to close at $783.81 per unit.

  • 8,389 units are in the construction pipeline, spread over 28 projects. 54.29% of the pipeline is currently pre-leasing.

Austin Apartment Market Key Metrics

 Occupancy

94.62%

 Rent / Unit

$958.77

 Rent / SF

$1.146

 Monthly Change

-0.08%

 Monthly Change

+$5.04

 Monthly Change

+$0.007

 Annual Change

-0.00%

 Annual Change

+$24.17

 Annual Change

+$0.031

Absorption for Austin was negative 122 units in November 2014 and positive 1,903 units in the twelve month rolling period. 2,461 units are in the planning stage.

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O’Connor & Associates / Research & Consulting Group
Houston: 713-686-9955  


 


 

 

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