Corpus Christi apartment stats 3Q 2014 Hendricks-Berkadia

CORPUS CHRISTI – Multifamily developers were encouraged by continued job growth and healthy apartment demand, according to Hendricks-Berkadia’s third quarter 2014 apartment update.

Requests for permits ramped up 80.2 percent in the last 12 months to 1,450 annualized rentals in September.

Vacancy increased 170 basis points year over year to 5.7 percent, while rising 80 basis points since the start of the year. Class A vacancy was 4.4 percent, a 160-basis-point increase since September 2013.

During the same period, the rate at Class B and C communities ascended 190 basis points to 5.5 percent and 6.4 percent, respectively.

Rent appreciation persisted, despite the significant increase in vacancy in the last 12 months. By September of this year, average rent was $908 per month, a gain of 3.4 percent from 3Q 2013. Class A rents advanced more slowly, rising 2.5 percent to $1,197 per month.

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