El Paso apartments 1Q 2014: Hendricks-Berkadia

EL PASO – Completions in the first three months 2014 totaled 66 units. During first quarter 2013, 108 apartments were delivered metrowide. Approximately 660 completions are projected throughout the metro area by year-end.

Developers requested permits for 1,200 annualized apartments in March, a 16.2 percent decrease from one year ago. Annual permitting activity averaged 1,100 apartments during the past five years and 1,000 units in the past ten years.

In the last six months, there was negative absorption of 340 units while 114 apartments came online. Consequently, the vacancy rate of 6.9 percent in September 2013 increased to 8.4 percent at the end of 1Q 2014.

Since September 2013, asking rents inched downward 0.1 percent to $790 per month in March. Concessions increased 50 basis points to 1.6 percent of market rents. Effective rents of $777 per month in 1Q 2014 were 0.8 percent below effective rents six months prior.

View the full report at Hendricks-Berkadia. For more stats, see Multifamily under El Paso Market Data Sources.