San Antonio Hendricks-Berkadia 2014 apartment reviewSan Antonio Hendricks-Berkadia 2014 apartment reviewhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=19892015-01-14T13:51:00Z2015-01-14T00:00:00Z

SAN ANTONIO - Multifamily builders continued adding to apartment stock in 2014, though completions decreased 22.4 percent in the last 12 months.

Substantial growth in the job market spurred apartment demand as absorption surged 41.1 percent in 2014 with 4,360 additional units occupied. A significant number of renters gravitated to the outskirts of the metro area, as nearly one-third of metrowide leasing activity was in the Bexar County/Other submarket.

Following a lull in multifamily planning activity in 2013, developers requested permits for 1,920 apartments in 2014, compared to 300 units the prior year. From 2009 to 2013, issuance averaged 1,620 permits.

Metrowide vacancy dipped 10 basis points in the last 12 months, reaching 6.7 percent by year-end.

The rate fell in 12 of the 15 submarkets in the metro area. Demand for new product was significant, evidenced by falling vacancy in the Bexar County/Other submarket where the rate fell 90 basis points amid a large increase in inventory.

The significant number of completions helped lift average rent 3.2 percent to $886 per month in 2014. Rent appreciation averaged 1.3 percent in the prior five-year period.

See the full report from Hendricks-Berkadia.

tags: apartment, apartment data

San Antonio-New Braunfels
http://www.apartmentupdate.com/index.cfmRead more at {Source}

 Search NewsTalk Texas