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Key metrics for the Austin area multifamily sector returned to positive postings in the month of July. Although all individual classes, with the exception of Class C, registered declines, the sector maintained its lead in overall occupancy, marking a positive change over last month as well as annually (rolling twelve months). Absorption rose in July by almost 300 units after seeing a steep decline in absorbed units the previous month. Average rental rates recovered in July with all classes recording positive changes both on per unit and per square foot basis. Class C properties led the way with an increase of $2.29 in rents per unit and $0.004 in rents per square foot. With over 55% of the construction pipeline currently pre-leasing, and less than 300 units expected to deliver over the coming month, Austin seems primed for keeping its top spot among the major Texas markets for the foreseeable future.
Austin apartment market occupancy increased 0.07% points in July to 90.84% and has also increased 2.16% points since July 2009. Average rent per square foot has increased $0.002 to $0.972 per square foot during the month, but has declined $0.007 per square foot over the past 12 months. Average rent per unit posted an increase of $1.05 in July; currently at $819.00, rent per unit is down $2.28 over the past year. Austin posted positive absorption of 352 units in July, bringing annual absorption to positive 6,442 units.
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