Texas multifamily: Big four metros 4Q 2013 CBRE

TEXAS – The multifamily market wrapped up 2013 with a strong quarter, making 2013 a banner year for the state, according to CBRE’s 4Q 2013 Texas Multi-Housing report.

Texas saw 37,739 new units added in Austin, Dallas-Fort Worth, Houston and San Antonio — up from 23,880 new units in 2012. Nearly 50,000 more units are currently under construction.

The hottest area for multifamily development across Texas in 2013 was the Uptown-Oak Lawn-Highland Park submarket in Dallas, with over 5,400 units currently under construction.

Rates have remained fairly steady over the past year in all four metros, even as new units are added, signaling continuing strength for apartment demand. Occupancy rates in Austin, DFW, Houston and San Antonio are 91.7 percent, 92.1 percent, 90.5 percent and 89.8 percent, respectively.

Houston ranked second in the nation for multifamily permits issued year-to-date through November 2013, behind New York City. Dallas placed third and Austin was fourth.

See CBRE’s Texas Multifamily: Big Four Metros underAustin, Dallas-Fort Worth, Houston or San Antonio Market Data Sources.