Nov 7, 2017
Austin apartment trends 3Q 2017
AUSTIN AREA – Berkadia has released its Austin multifamily report for 3Q 2017.Demand for apartments drove occupancy up in the Austin metropolitan area. Renters newly occupied 2,243 net units during third quarter...
AUSTIN AREA – Berkadia has released its Austin multifamily report for 3Q 2017.
Demand for apartments drove occupancy up in the Austin metropolitan area.
Renters newly occupied 2,243 net units during third quarter 2017.
Rental demand exceeded the 1,272 deliveries during 3Q to push occupancy up 50 basis points since mid-2017.
At 91.7 percent in 3Q 2017, the occupancy rate was on par with the five-year average.
While occupancy rose from 2Q 2017 to 3Q 2017, effective rent held $1,195 per month.
The quarterly supply-demand trend mirrored the rental environment all year as Austin in one of the fastest-growing cities in America.
The latest leasing activity was part of 6,174 units absorbed year to date.
The 5,828 units that came online since the start of 2017 trailed leasing activity to cause average apartment occupancy to elevate 40 basis points since December.
At the same time, effective rent advanced 2.3 percent.
Developers worked to meet the demand with 38 communities under construction by the end of the 3Q 2017, which will bring 9,269 units online in the upcoming years.
Did you like this NewsTalk?
You might also like
PUBLISHED SINCE 1977
TG Magazine
Check out the latest issue of our flagship publication.