CORPUS CHRISTI - Developers added 126 market-rate units in first quarter 2014. Deliveries this year have already exceeded all completions in 2013. Six projects are under construction with 1,110 apartments scheduled to come online by the end of 2014.
Multifamily permitting activity accelerated as developers requested 480 annualized units in March. Submissions were up from the 140 annualized units submitted during December and 140 annualized units from 12 months prior.
As new supply exceeded rental demand, the vacancy rate jumped 60 basis points in the last three months to 5.6 percent. The recent increase was part of a 120 basis-point incline during the last four quarters.
Asking rents advanced 0.2 percent since December to $891 per month in March. The average asking rent was up 7.6 percent from 12 months ago. Rents have increased every quarter since the start of 2013.
View the full report at Hendricks-Berkadia. For more stats, see Multifamily under Corpus Christi Market Data Sources.
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