Apartment rent, occupancy soar in Corpus Christi

CORPUS CHRISTI – Rental industry officials say 2013 was one of its tightest rental years ever for Corpus Christi, a trend they believe is related to exploration of the Eagle Ford Shale formation and other swift job growth. Apartment occupancy rates in Corpus Christi hovered at 95.2 percent in December, according to ALN Apartment Data.

Average rent in the area is about $830 a month, though it is not unusual for units in higher-end complexes to fetch between $1,100 and $1,500 for one-bedroom homes.

In comparison, in January 2010, occupancy was 89 percent and average rent was about $700. Thousands of job seekers have in the past couple years converged on Corpus Christi, which enjoyed a 5.5 percent unemployment rate in November.

Nearly 40 percent of Corpus Christi’s rentals are one-bedroom apartments. Two- and three-bedroom units — which together account for roughly 55 percent of the city’s rental market — also have become attractive to families.

The trend will not let up anytime soon, according to Hendricks-Berkadia. Businesses in Corpus Christi are expected to create 5,800 jobs this year, further fueling rental demand.