Berkadia: Austin apartment comparison report 3Q 2015

​​AUSTIN – Berkadia​ has released their apartment vacancy and rent comparison report for third quarter 2015. 

Rental demand was healthy with 2,080 newly occupied apartments in 3Q 2015, elevating leasing activity from the 1,230-unit quarterly average during the prior five years.

Renters sought apartments in the North Travis submarket, where nearly one out of every five apartments absorbed during 3Q 2015 were in this area.

Construction was completed on 1,990 apartments in 3Q 2015, bringing year-to-date additions to 6,600 units.

While deliveries were spread throughout the area, 930 apartments have come online in each of the Near South Central and the Far Northwest submarkets since December.​

Vacancy tightened 10 basis points to 4.7 percent in 3Q 2015.

Even with the most recent dip, the rate was up 20 basis points from one year ago following a sharp rise in vacancy to close 2014 and open 2015.

Vacancy was lowest in the Travis County East submarket at 3.4 percent in 3Q, down 50 basis points from the previous 12 months.

The average asking rent reached $1,146 per month in September, up 1.4 percent since June.

The latest increase was part of a 4 percent annual rise in asking rents

Asking rents remained highest in the Central submarket, elevating 1.1 percent year-over-year to $2,063 per month by the end of the third quarter.

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