MPF Research: Austin multifamily 3Q 2014MPF Research: Austin multifamily 3Q 2014https://www.recenter.tamu.edu/news/newstalk-texas/?Item=21862014-12-15T06:00:00Z2014-12-15T06:55:00Z

AUSTIN - Broad-based economic gains combined with the metro’s already favorable demographics have fueled demand for housing in Central Texas, which has generated strong revenue growth for the apartment sector, according to the latest report from MPF Research.

Such solid demand for apartments has strengthened the market’s fundamentals and led to elevated levels of apartment development.

Occupancy has hovered around the 95 percent mark for over three years. In response to the high occupancy, apartment operators have pushed rents around 4 percent to 7 percent annually for 14 straight quarters.

A point of strength for the apartment market so far has been middle- and lower-tier units that generally feed off economic growth but don’t compete with apartment development or single-family sales.

What changed this quarter? Quarterly apartment demand surged to a 17-year high during third quarter 2014, outperforming the 20-year high concurrent supply volume.

As a result, occupancy increased 0.3 points, with the rate landing at a solid 95.7 percent. Meanwhile, apartment operators pushed same-store rents 1.9 percent during 3Q 2014.

3Q 2014 Austin Apartment Trends
Effective Rent Occupancy Annual Job Change Annual Permits Annual Demand Annual Completions
$1,078 95.7% 31,700 jobs 9,898 units 10,181 units 10,562 units

Find the report at MPF Research. Be sure to check out the Submarket Map with Zip Codes.​

MPF Research
Austin-Round Rock
http://www.realpage.com/mpf-research/reports/austin/Read more at {Source}

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