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Austin Apartment Market Update

 Market SummaryAll metrics for the Austin area multifamily sector recorded positive changes in September.Overall occupancy figures recorded a significant increase for the month. The largest increase w...

 

Market Summary

  • All metrics for the Austin area multifamily sector recorded positive changes in September.

  • Overall occupancy figures recorded a significant increase for the month. The largest increase was noted in Class D properties for which occupancy went up 2.35% over the last month, while recording an increase of 4.9% over last year. Over the year, Class A properties recorded a decrease (-0.28%); a decrease of 0.13% was recorded for the class, over the previous month.

  • The average rental rate per square foot continued to increase for all Classes, although only marginal changes were noted in Class A and Class C properties. The largest increase over the month was noted for Class B properties. Rental rate for Class B properties increased by $0.007 to close at $1.011 per square foot; over the year the average went up by $0.059 per square foot.

  • The average rental rate per unit continued to record significant changes over the month, although for Class A properties the change was marginal compared to other classes. The largest increase over the month was noted for Class B properties; the average went up by $4.46 over the month to close at $783.52 per unit. The largest annual increase was also recorded for Class B properties with an increase of $47.72 over the year.

  • 7,748 units are in the construction pipeline spread over 31 projects. Over 15.5% of the pipeline (or 1,201 units) is currently pre-leasing.

Austin Apartment Market Key Metrics

 Occupancy

94.85%

 Rent / Unit

$891.61

 Rent / SF

$1.060

 Monthly Change

+0.23%

 Monthly Change

+$2.59

 Monthly Change

+$0.003

 Annual Change

+0.64%

 Annual Change

+$43.67

 Annual Change

+$0.052

Absorption was positive 591 units in September and positive 1,838 units in the twelve month rolling period. 4Science Articles,170 units are in the planning stage.


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ABOUT THE AUTHOR


This provides developers, investors and lenders with information to make informed decisions. Our ability to research, analyze and interpret market trends is a major reason for why developers and acquisition experts rely on O’Connor & Associates for market studies, feasibility studies, Austin Office Space For Lease rent studies, tax credit studies, project design guidance, Austin Office Space For Rent property performance valuation and lease audits. O’Connor & Associates is an acknowledged source of trends in real estate investing and market activity.



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