Home > Market Updates, Uncategorized > Austin Apartment Market Update – Sept 2010

Austin Apartment Market Update – Sept 2010

October 31, 2010 Leave a comment Go to comments

The Austin area multifamily sector enjoyed another positive month of gains during September, with most of its key metrics continuing their lead over the other major Texas markets for the period. Overall occupancy continued to increase, keeping vacancy well below 10%, while the sector posted its eighth straight month of positive absorption. Increases were seen in average rents per unit as well as per square foot. Class B properties led the way with per unit and per square foot rates increasing by $3.67 and $0.004, respectively. With over 51% of the construction pipeline currently pre-leasing and over 500 units poised for immediate delivery, the Austin market could experience a slight dip in some of its key metrics over the next month.

Austin apartment market occupancy increased 0.76% points in September to 92.82% and has also increased 2.71% points since September 2009. Average rent per square foot has increased $0.002 to $0.978 per square foot during the month, but has declined $0.003 per square foot over the past 12 months. Average rent per unit posted an increase of $1.50 in September; currently at $824.53, rent per unit is up $1.13 over the past year. Austin posted positive absorption of 1,163 units in September as well as over the rolling twelve months with 6,067 units.
September 2010

Click here to view as PDF at O’Connor and Associates.

Austin Apartment Market
Key Metrics

Occupancy     92.82%
Monthly Change +0.76%
Annual Change + 2.71%
Rent / Unit $824.53
Monthly Change + $1.50
Annual Change + $1.13
Rent / SF $0.978
Monthly Change + $0.002
Annual Change – $0.003
Monthly Absorption + 1,163
Annual Absorption + 6,067
Units U/C 2,859
Units Planned 1,712

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