ALN spotlights Corpus Christi apartments Sept. 2014
CORPUS CHRISTI – Corpus Christi has been experiencing occupancy numbers like the larger Texas markets, namely in the mid 90’s. Like Austin, in the last several years it seemed as if Corpus Christi could raise rents without any net loss in occupancy.
However, the market did dip a little in early 2014 and overall occupancy dropped down to 92.1 percent by April. Because of strong absorption over the summer the region has rebounded to an overall 94.1 percent occupancy.
Effective rents, however, have grown almost steadily without any dips over the last several quarters. So far in 2014 the effective rent per unit has risen $37 to $869, a rise of 4.4 percent.
| Occupancy | Effective Rent | ||||||
| Submarket | Aug. 13 | Aug. 14 | Change | Absorp. | Aug. 13 | Aug. 14 | Change |
| Central Corpus Christi | 95.1% | 93.7% | -1.5% | 555 | $817 | $873 | 7.0% |
| Ingleside/Rockport | 98.1% | 98.5% | 0.4% | 3 | $860 | $869 | 1.1% |
| Jim Wells County | 100.0% | 100.0% | 0.0% | 0 | $567 | $590 | 4.0% |
|
Kingsville/Kleberg County/N. Padre | 92.0% | 95.1% | 3.4% | 8 | $723 | $789 | 9.2% |
| Portland | 97.5% | 97.6% | 0.1% | -100 | $896 | $1,013 | 13.0% |
| Robstown/River Hills/NW | 95.0% | 92.9% | -2.2% | -28 | $763 | $820 | 7.6% |
| Corpus Christi Totals | 95.2% | 94.1% | -1.1% | 435 | $810 | $869 | 7.2% |
* Does not include Senior/Student/Income Restricted
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