Austin Berkadia submarket trends 2Q 2017Austin Berkadia submarket trends 2Q 2017https://www.recenter.tamu.edu/news/newstalk-texas/?Item=171822017-08-15T05:00:00Z2017-08-15T20:10:00Z

​​​​AUSTIN AREA – Berkadia has released its U.S. multifamily report for 2Q 2017.

According to the report, a​partment developers worked to keep pace with rental demand in the Austin metropolitan area to start 2017. 

Construction completed on 3,372 units in first half 2017.

Deliveries fell short of demand as residents newly occupied 3,906 units so far in 2017. 

As a result, apartment occupancy advanced 40 basis points from December 2016 to 91.7 percent in June 2017. 

With limited apartment inventory, occupancy was a metro-high 97.5 percent in the outlying metropolitan area. 
The occupancy rate was also elevated in the San Marcos/Kyle/Buda submarket. 

San Marcos, home to Texas State University, had limited new inventory coming online as occupancy shifted up to 94.9 percent in June 2017. 

With healthy occupancy, effective rent in the submarket reached $1,185 per month by the end of second quarter, up 4.4 percent from one year prior.

Metro wide, effective rent advanced 2.1 percent from December 2016 to $1,193 per month in June 2017. ​​
Austin-Round Rock

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