Austin ALN apartment report March 2015
AUSTIN – In the apartment market, Austin stumbled a bit in 2014, yet, like San Antonio, it looks like Austin also had a good winter.
The market absorbed almost 1,400 net rented units in the last three months. Consequently, average occupancy dropped a modest 0.5 percent to 90.2 percent.
Rent growth, though, has slowed considerably in this market. Effective rents rose to $1,098 per unit, a mere 0.7 percent growth from November 2014. Compared to a year ago, however, effective rents were up 7.3 percent.
About half of the 23 submarkets saw average occupancy drop since November yet that was due more to the introduction of new units than loss of rented units.
About a quarter of the submarkets saw rents drop in the last 90 days though all of the submarkets had rent increases from a year ago.
The chart below represents the top seven submarkets ranked by occupancy.
| Occupancy | Effective Rent | ||||||
| Submarket* | Nov-14 | Feb-15 | Chg. | Abs.** | Nov-14 | Feb-15 | Chg. |
| Elgin-Bastrop | 97.5% | 96.8% | -0.7% | -3 | $830 | $931 | 12.1% |
| North Central | 95.8% | 96.2% | 0.3% | 18 | $888 | $913 | 2.8% |
|
Rundberg-N. Lamar- 35 North | 95.2% | 95.2% | 0.0% | 6 | $820 | $832 | 1.4% |
|
San Marcos-Buda- Lockhart | 94.6% | 94.9% | 0.2% | 11 | $916 | $940 | 2.6% |
| 620-Anderson Mill-2222 | 95.3% | 94.8% | -0.5% | -29 | $989 | $993 | 0.3% |
|
East Parmer-Dessau- Tech Ridge | 95.2% | 94.5% | -0.8% | -36 | $960 | $968 | 0.8% |
|
West Parmer-North Mopac- McNeil Rd | 94.5% | 94.3% | -0.2% | -26 | $1,054 | $1,052 | -0.1% |
| Totals*** | 90.6% | 90.2% | -0.5% | 1,398 | $1,090 | $1,098 | 0.7% |
*Selected submarkets by occupancy
**Absorption
***Totals include data from all submarkets.
See the entire U.S. plus Texas apartment report at ALN March 2015.
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