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Austin apartment report 3Q 2014 Marcus & MillichapAustin apartment report 3Q 2014 Marcus & Millichaphttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=22942014-12-06T10:21:00Z2014-12-05T00:00:00Z

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.pdfRead more at {Source}

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