Corpus Christi ARA multifamily review 4Q 2014
CORPUS CHRISTI – With an overall occupancy rate of 94.8 percent, the Corpus Christi multifamily market remains one of the nation’s top performers.
Given the diversification of the employment base, the explosive growth surrounding the Port of Corpus Christi and Eagle Ford Shale, and underlying strength of the market, occupancy rates are expected to remain strong in the long term.
The average rental rate in Corpus Christi was $855 in 4Q 2014, representing a 0.7 percent decrease from 3Q 2014 and a 1.7 percent increase from 4Q 2013.
According to MPF Research’s permit-based model, completions totaled 319 units during 4Q 2014 with a quarterly absorption of 171 units.
Based on ARA Secondary’s internal analysis, there are currently three conventional projects under construction and another five properties proposed as of January 2015.
Four of these properties fall within Corpus Christi’s South Side, two in the Bay Area, one in Ingleside, and one in Northwest Corpus/Calallen.
| 4Q 2014 | 3Q 2014 | |||||
| Year Built | Avg. Rent | Rent/PSF | Occ. | Avg. Rent | Rent/PSF | Occ. |
| 2000+ | $997 | $1.01 | 96.3% | $964 | $0.99 | 96.4% |
| 1990’s | $923 | $1.04 | 94.7% | $981 | $1.10 | 96.6% |
| 1980’s | $838 | $1.07 | 93.5% | $835 | $1.07 | 94.7% |
| 1970’s | $777 | $0.96 | 95.4% | $781 | $0.97 | 96.0% |
|
Bedroom Type | Avg. Rent | Rent/PSF | Occ. | Avg. Rent | Rent/PSF | Occ. |
| Efficiency | $596 | $1.26 | 90.5% | $621 | $1.01 | 95.8% |
| 1 BR | $751 | $1.11 | 94.3% | $756 | $1.32 | 95.5% |
| 2 BR | $903 | $0.96 | 95.1% | $904 | $1.12 | 95.1% |
| 3 BR | $1,089 | $0.92 | 96.4% | $1,025 | $0.97 | 96.6% |
| Totals | $855 | $1.01 | 94.8% | $850 | $1.01 | 95.5% |
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