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Austin ALN apartment report March 2015Austin ALN apartment report March 2015https://www.recenter.tamu.edu/news/newstalk-texas/?Item=12822015-04-14T10:17:00Z2015-04-14T08:40:00Z

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.

Austin Quarterly Multifamily Market
  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.

ALN Apartment Data
Austin-Round Rock
Multifamily
http://www.alndata.com/market-news/Read more at {Source}

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