CBRE 1Q 2014: Texas multifamily big four metrosCBRE 1Q 2014: Texas multifamily big four metroshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=39092014-08-11T12:58:00Z2014-06-17T00:00:00Z

TEXAS - Texas apartment market fundamentals remained strong in first quarter 2014, according CBRE's MarketView report.

San Antonio's Downtown/Trinity University submarket occupancy has grown 5.7 percent in the last 12 months. Consequently, the submarket is growing quickly and accounts for 24.3 percent of the units under construction throughout the metropolitan area.

Houston’s downtown core has over 900 units under construction. The city’s Downtown Living Initiative program offers developers a $15,000 per unit subsidy in hopes of spurring downtown population growth. Today, there are over 2,600 housing units in downtown, but the city hopes to grow that number to nearly 10,000.

Dallas-Fort Worth's rent growth remains strong. Year-over-year growth was 4.2 percent in 1Q 2014. Rent growth was most significant in the Northeast Fort Worth and North Dallas submarkets, with an average year-over-year growth posted at 5.9 percent and 4.9 percent, respectively.

Austin's year-over-year average rental rates climbed 7.6 percent. Austin leads the state in average rent per sf at $1.18.

Quick Stats Multifamily 1Q 2014
Market Vacancy Absorption
Austin 8.4% 1,395 $1,023
Dallas 7.8% 3,750 $862
Houston 9.1% 5,538 $878
San Antonio 9.7% 1,296 $806

Source: CBRE Research 1Q 2014.

For CBRE's report, see Texas Multifamily: Big Four Metros MarketView 1Q 2014 under Austin, Dallas-Fort Worth, Houston or San Antonio Market Data Sources.

http://www.cbre.us/research/pages/local-reports.aspxRead more at {Source}

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