MPF: Corpus Christi apartment trends 3Q 2014

CORPUS CHRISTI – Aided by a booming local economy, Corpus Christi has consistently ranked among the nation’s top-performing apartment markets over the past three years — and it’s maintained that pace through mid-2014.

Considerable job growth levels have generated very healthy housing demand, pumping up apartment occupancy rates and rent growth levels in the metro.

In fact, as hard as it may be to believe, only California’s Bay Area has produced more rent growth than Corpus Christi over the last three years.

And even though employment growth levels are beginning to moderate from the very high levels seen previously, economic improvement remains solid.

What changed this quarter? Apartment demand in the metro was minimal during 3Q 2014, falling just behind new supply. In turn, occupancy inched down 0.1 point quarter-over-quarter, with the rate landing at a solid 95.5 percent.

That rate marked the tenth straight quarter that occupancy has been at or above 95.5 percent in the metro. Meanwhile, apartment operators in Corpus Christi pushed rents 1.3 percent during 3Q 2014.

*Properties sampled 112; Units sampled 20,133; Submarkets 3

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