Berkadia: Austin 2015 multifamily demand one for the agesBerkadia: Austin 2015 multifamily demand one for the ageshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=119212016-02-01T06:00:00Z2016-02-01T22:00:00Z

​​AUSTIN - ​Berkadia has released their multifamily market review for 2015.

Austin employers accelerated hiring in 2015, driving apartment demand.​​​​​​ 

Headcounts swelled 3.7 percent, or by 34,200 positions, in the prior four quarters, up from a 3.2 percent increase in 2014.

The local rise outpaced the 1.8 percent national average during the last 12 months.

With steady population growth and more job opportunities, household formation rose 2.9 percent in 2015.

As a result, occupied stock grew by 8,750 apartments in 2015, the highest annual absorption in more than 15 years.

Leasing exceeded the 8,590 deliveries since January, resulting in vacancy tightening 30 basis points to 4.6 percent.

Heightened demand for apartments spurred operators to accelerate rent growth.

After rising 3.8 percent in 2014, asking rents advanced 4.4 percent to $1,154 per month in December.

Simultaneously, average concessions lowered from 0.5 percent to 0.3 percent of asking rents.​

What's ahead in 2016? Of the 8,010 apartments scheduled to come online this year, the
largest community is the 444-unit Pearl Lantana in the West submarket.


Austin-Round Rock

​For more ​on the Austin multifamily market, visit Austin Multifamily Market Research​ and Berkadia​ link for U.S. cities and a bounty of data.

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