Home > Market Updates > Austin Multifamily Apartment Market Update -August 2010

Austin Multifamily Apartment Market Update -August 2010

The Austin area multifamily sector further increased its lead in occupancy over the other major Texas markets, with a rise of more than one percentage point against July figures. Compared to all property classes, occupancy in Class A properties rose by almost 1.6 percentage points over previous month’s figures.

 

Over the month, absorption increased almost six times over the previous month’s figure while the construction pipeline remained unchanged. Class A properties also outperformed other classes in rental rates, recording the highest monthly change both in average rental rates per unit ($5.16) and per square foot ($0.004).

 

With over 55% of the construction pipeline currently pre-leasing, and deliveries coming at a steady pace, Austin should continue to lead the major Texas markets again next month.

 

Austin apartment market occupancy increased 1.23% points in August to 92.06% and has also increased 2.07% points since August 2009.

 

Average rent per square foot has increased $0.004 to $0.976 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 $3.75 in August; currently at $823.03, rent per unit is down $1.39 over the past year. Austin posted positive absorption of 1,864 units in August as well as over the rolling twelve months with 5,522 units.

To see a graphical chart of this apartment market update, go to

http://www.poconnor.com/apartment_market_update/Austin_8-10.html

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Categories: Market Updates
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