LUBBOCK - Average rental rates continue to climb steadily in the Lubbock apartment market, while aggregate occupancy levels have increased for four years in a row, according to the Lubbock 2015 market trends report.
Occupancy of individual apartment complexes within the sample set currently ranges from 76 percent to 100 percent.
Occupancies have made a modest comeback reaching 92.4 percent this year.
Meanwhile, average rental rates per sf have increased significantly, rising from $0.66 in 2008 to $0.88 in 2015.
The total Lubbock conventional apartment market within four zones consists of 132 total apartment communities with 20,541 units and 21 million sf.
Source: Coldwell Banker Commercial Rick Canup Realtors
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