Corpus Christi apartment review 2014: Hendricks-Berkadia

CORPUS CHRISTI – Developers completed 860 units last year, the highest year-end completions in more than a decade, according to Hendricks-Berkadia’s 2014 review.

Building activity was focused in the corridor between Staples St. and Cimarron Blvd., just south of Saratoga Blvd.

Developers ramped up requests for permits in the previous 12 months as issuance soared to 2,000 units. Over the past ten years, requests averaged 630 units annually.

Vacancy improved in 2014, declining 10 basis points to 4.7 percent, following a rise in 2013. A moderation in rent appreciation in the previous 12 months helped reduced upward pressure on vacancy in the Corpus Christi metropolitan area.

Operators increased asking rents 3.2 percent last year to $917 per month.

Effective rents increased 1.8 percent to $901 per month as operators increased concessions to 1.8 percent of asking rents. In 2013, asking rents surged 8.2 percent.

View the full report at Hendricks-Berkadia.

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