| Austin apartment report 3Q 2014 Marcus & Millichap | Austin apartment report 3Q 2014 Marcus & Millichap | https://www.recenter.tamu.edu/news/newstalk-texas/?Item=2294 | 2014-12-06T10:21:00Z | 2014-12-05T00:00:00Z |
AUSTIN - Central Texas apartment operators will enjoy tight conditions and significant rent growth this year despite record-high completions, according to Marcus & Millichap's most recent quarterly report.
Strong job creation in the metro, particularly in the high-tech sector, remains a lure for young professionals.
In third quarter 2014, effective rents averaged $1,078 per month, up 6.2 percent from 3Q 2013. Vacancy closed 3Q 2014 at 4.3 percent, a 20-basis point decline from 3Q 2013.
Approximately 10,560 apartments were brought online in the last 12 months, 76 percent increase from the corresponding period in 2013.
Austin Submarket Vacancy Ranking*
|
Rank |
Submarket |
Vacancy
Rate |
Y-O-Y Basis
Point Chg. |
Effective
Rents |
Y-O-Y
Change |
|
1 |
Round Rock/Georgetown |
3.1% |
-100 |
$1,007 |
6.8% |
|
2 |
Downtown/University |
3.2% |
-10 |
$1,974 |
-1.4% |
|
3 |
Arboretum |
3.2% |
-30 |
$1,060 |
4.0% |
|
4 |
North Central Austin |
3.5% |
0 |
$865 |
6.0% |
|
5 |
Far South Austin |
3.6% |
-180 |
$1,061 |
5.9% |
|
6 |
Cedar Park |
3.6% |
-170 |
$1,017 |
5.1% |
|
7 |
Northwest Austin |
3.7% |
10 |
$1,024 |
5.0% |
|
8 |
Pflugerville/Wells Branch |
3.8% |
-20 |
$967 |
6.7% |
|
9 |
Far West Austin |
3.9% |
0 |
$1,061 |
4.4% |
|
10 |
Austin |
4.3% |
-20 |
$1,078 |
6.2% |
*Chart includes top ten of 16 submarkets, ranked by vacancy.
Read more at Marcus & Millichap Real Estate Investment Services.
(Texas real estate news)
| Marcus ＆ Millichap Real Estate Investment Services
| Austin-Round Rock
| Multifamily
| https://www.marcusmillichap.com/-/media/files/research/research%20reports/local%20apartments/4q14/austin%204q14%20lar.pdf | | | | Read more at {Source} |
