Home > Market Updates, multifamily > Austin Apartment Market Update – January 2011

Austin Apartment Market Update – January 2011

February 27, 2011 Leave a comment Go to comments

The Austin area multifamily sector metrics opened the New Year with mostly positive figures.

Overall occupancy declined marginally over the month, while remaining well above 92% for the sixth consecutive month.

 Occupancy for Class A properties was just under 94%, an increase of over 3.52% points compared to January 2010.

Absorption returned to positive figures, with only Class D recording negative absorption.

Average rental rates per square foot experienced positive changes for all classes, except Class A, for which the figure declined by $0.001 to close at $1.064 per square foot.

Class A properties also recorded a negative change in rental rates per unit with the figure decreasing by $1.28 over the month to close at $993.90 per unit.

Over 46% of the construction pipeline is currently pre-leasing and close to 400 units are expected to be delivered in February.

The Austin sector’s key metrics will likely remain stable over the next month.

Austin apartment market occupancy decreased 0.10% points in January to 92.79% but increased 3.52% points since January 2010.

Average rent per square foot increased by $0.001 per square foot over the previous month but increased $0.012 over the past 12 months.

Average rent per unit posted a decrease of $0.31 in January; currently at $832.31 rent per unit is up $10.93 over the past year.

Austin posted positive absorption of 141 units in January, while over the rolling twelve months absorption was positive with 6,503 units.

Austin Apartment Market
Key Metrics

Occupancy    92.79%
Monthly Change -0.10%
Annual Change + 3.52%
Rent / Unit $832.31
Monthly Change – $0.31
Annual Change + $10.93
Rent / SF $0.988
Monthly Change – $0.003
Annual Change + $0.012
Monthly Absorption + 141
Annual Absorption + 6,503
Units U/C 1,784
Units Planned 2,075

To subscribe or unsubscribe to this update, please send an email to Scott Sherrill or call
1-800-856-REAL (7325) ext. 4264.

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

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