San Antonio: Austin Investor Interests 2Q 2014 apartments
SAN ANTONIO – As expected, the second quarter 2014 was solid for the local apartment market, according to Austin Investor Interests.
Occupancy rates increased .29 percent, while effective rental rates increased 1.34 percent, finally breaking the $1-per-sf mark. Absorption levels have remained robust, with over 4,700 more units occupied than at midyear 2013.
New construction is faring especially well, as stabilized Class A units are showing an overall occupancy rate of over 94 percent, with rental rates at $1.20 per sf.
Sales activity increased, pushing up the average price of Class A property sales to a record high of almost $96,000.
It seems the only area that is showing any signs of slowing is the student-housing sector. Potential builders of future student projects have taken a step back to see how the latest wave is received. There are three on track to open for the fall semester.
| Avg. occupancy | 91.8% |
| Avg. rent | $836 |
| Avg. SF | 832 |
| Avg. $/SF | $1.00 |
|
New units added (conventional) | 1,145 |
|
Avg. sales price/unit | $95,674 |
2Q 2014 Affordable Housing Stats:
21,892 Units — 95.3% — $.80 per sf
2Q 2014 Student Housing Stats:
2,385 Units — 94.4% — $1.25 per sf
Source: Austin Investor Interests
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