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Austin multifamily 2Q 2014: Hendricks-BerkadiaAustin multifamily 2Q 2014: Hendricks-Berkadiahttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=35842014-07-18T12:56:00Z2014-07-18T06:34:00Z

AUSTIN - Rental demand jumped in second quarter 2014 with 2,950 newly occupied apartments, up from the 1,320 units absorbed in 1Q 2014. Recent leasing activity was more than double the quarterly average of 1,260 units absorbed since mid-2009.

In 2Q 2014, 2,520 multifamily units came online. Overall deliveries were up 85.2 percent from the 1,360 units added in 2Q 2013. Heightened leasing activity amid elevated deliveries resulted in a dip in vacancy to 4.7 percent.

Average asking rent was $1,063 per month in June, up 1.7 percent from March. Rents were up 3.8 percent from 2Q 2013.

Austin Multifamily 2Q 2014 / 2Q 2013
Comparison by Rent $1,000+
Submarkets* Vacancy Average Rent
2Q 2014 2Q 2013 2Q 2014 2Q 2013
Central 6.2% 5.0% $2,018 $2,021
Far Northwest 4.7% 4.4% $1,082 $1,036
Far South 4.2% 4.8% $1,118 $1,056
Hwy. 183/Cedar Park/Leander 5.0% 4.8% $1,001 $948
Near Northwest 3.9% 4.3% $1,034 $1,005
Near South Central 5.9% 3.6% $1,323 $1,328
Northwest Austin 5.8% 4.8% $1,115 $1,081
West 6.1% 6.3% $1,322 $1,237
Total** 4.7% 4.8% $1,063 $1,024

*Listed submarkets include those which have an average rent over $1,000.
**Total represents all 15 submarkets in the Austin area.

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Berkadia
Austin-Round Rock
Multifamily
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