Austin submarket vacancy/rent comparisons 1Q 2015
AUSTIN – Construction was completed on 2,390 multifamily units in the last three months, 15.5 percent more deliveries than the preceding quarter, according to Berkadia’s Austin Multifamily first quarter 2015 report.
Rental demand heightened with 2,780 newly occupied apartments in the first quarter, up from 1,190 units absorbed in the preceding three months. A combined 8,760 units were absorbed in the last year.
Vacancy lowered 20 basis points to 4.8 percent in the first quarter. The decrease was part of a 30-basis-point decline in the last year.
At $1,101 per month in March, average asking rent was up 1.3 percent since December. Rents increased 4.8 percent year over year.
| Submarkets* | Vacancy | Average Rent | ||
| 1Q 2015 | 1Q 2014 | 1Q 2015 | 1Q 2014 | |
| Central | 6.1% | 4.8% | $2,025 | $2,002 |
| West | 6.9% | 6.3% | $1,370 | $1,351 |
| Travis County West | 5.4% | 5.5% | $1,229 | $1,191 |
| Far South | 5.1% | 4.8% | $1,146 | $1,093 |
| Northwest | 5.6% | 7.0% | $1,144 | $1,109 |
| Far Northwest | 6.3% | 4.6% | $1,117 | $1,056 |
| Travis County East | 5.0% | 4.6% | $1,084 | $1,042 |
| East | 5.1% | 6.2% | $1,068 | $960 |
|
Hwy 183/Cedar Park /Leander | 5.9% | 5.0% | $1,034 | $981 |
| Southeast | 5.8% | 4.9% | $1,005 | $901 |
| Hays County/Other | 4.8% | 6.2% | $1,000 | $986 |
| Total** | 4.8% | 5.1% | $1,101 | $1,050 |
*Listed submarkets include those which have an average rent over $1,000 in 1Q 2015 and are sorted by average rent.
**Total represents all 18 submarkets in Austin.
Click Berkadia Austin Multifamily 2015 (PDF).
Source: Berkadia
Click Austin Market Research Multifamily for more reports.
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