CBRE 2Q 2014: Texas multifamily big four metros

TEXAS – Amid strong job and population growth, the apartment market remains strong across all four of Texas’ major metro areas, according to CBRE’s 2Q 2014 Texas Multifamily MarketView.

Texas remains one of the nation’s leaders in new apartment construction. Almost 9,000 new units were delivered in 2Q 2014 across the four major metros and 59,916 units remain under construction.

The combined occupancy rate for Austin, Dallas-Fort Worth, Houston and San Antonio was 91.6 percent, an increase of 20 basis points from 1Q 2014.

Increased apartment demand has driven up occupancy levels in Class A properties across all markets. Class B and Class C properties are also experiencing higher occupancy levels as rising rents are beginning to challenge affordability and price renters out of Class A properties.

On a statewide level, 2Q 2014 rents grew 6.2 percent year-over-year. Austin leads the state in average rent per sf at $1.21.

For the full report, click here.

For more multifamily, check out Austin, Dallas-Fort Worth, Houston or San Antonio Market Data Sources.