ALN small town apartment review 1Q 2015
ABILENE, AMARILLO, CORPUS CHRISTI, LUBBOCK – Here’s a look at the first quarter 2015 numbers for the markets that ALN tracks concerning occupancy and rents.
Abilene saw average occupancy drop 1.9 percent in the quarter with a net loss of 188 units.
Effective rents grew a meager $4 per unit to $690 per unit. Compared to last year, however, rents are up a robust 7.4 percent.
Amarillo Absorption in Amarillo is slowly inching up. The market absorbed 36 units in the quarter and 235 over the last 12 months. That led occupancy to grow 0.3 percent in the quarter but represents a drop of 0.5 percent from this time last year due to new supply.
Effective rent, at an average of $672 per unit is up a healthy 1.1 percent in the quarter but only 3.2 percent from a year ago.
Corpus Christi had a good quarter with occupancy rising 0.4 percent and effective rents up 1.1 percent from three months ago.
Currently, occupancy is at an average of 92.1 percent and effective rents are averaging $883 per unit.
Though overall occupancy is down 0.7 percent from a year ago, that is primarily due to new supply since the market absorbed over 700 units in the last 12 months.
Lubbock: Absorption in Lubbock was essentially flat in 1Q which meant with the addition of new units, overall occupancy fell 0.7 percent to 92.3 percent. Effective rent in Lubbock rose a modest 0.8 percent to $710 per unit.
| 1st Quarter 2015 | ||||||
| Occupancy | Effective Rent /Unit | |||||
| Market | YE 2014 | End 1Q | Chg | YE 2014 | End 1Q | Chg |
| Abilene | 93.3% | 91.6% | -1.9% | $686 | $690 | 0.6% |
| Amarillo | 90.1% | 90.4% | 0.3% | $665 | $672 | 1.1% |
| Corpus Christi | 91.7% | 92.1% | 0.4% | $871 | $883 | 1.3% |
| Lubbock | 93.0% | 92.3% | 0.7% | $704 | $710 | 0.8% |
Source: ALN Apartment Data
See Texas Multifamily ALN 1Q 2015 for the full report.
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