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Austin apartment 2013: Hendricks-BerkadiaAustin apartment 2013: Hendricks-Berkadiahttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=52692014-01-14T10:16:00Z2014-01-14T00:00:00Z

AUSTIN - Rental demand surged last year with the net absorption of 6,240 apartments, up from 3,350 units absorbed in 2012. The Highway 183/Cedar Park/Leander submarket led leasing activity with 900 apartments absorbed, up from 60 units in the preceding year, according to Hendricks-Berkadia.

Construction completed on 6,690 units during the last 12 months, up 142 percent from deliveries in the prior year. The bulk of new inventory was in the Highway 183/Cedar Park/Leander and Far South submarkets with 1,690 units and 1,310 units, respectively.

With rising rental demand, developers plan on expanding the construction pipeline after filing permits for 15,860 multifamily units in 2013, 39.9 percent more than the permits filed in the preceding year.

Vacancy ticked upĀ 10 basis points during the year to 4.8 percent. Average asking rent reached $1,026 per month in December, up 3.2 percent from one year prior.

Austin Multifamily 2013 / 2012 Comparison by Vacancy
Submarkets* Vacancy Average Rent
2013 2012 2013 2012
Near South Central 3.7% 3.9% $1,286 $1,248
East 3.9% 5.3% $949 $933
Far North Central 4.0% 4.9% $711 $680
North Travis 4.3% 5.0% $893 $874
Near North Central 4.4% 4.9% $958 $905
Northwest 4.4% 5.6% $1,083 $1,037
Far Northwest 4.5% 4.5% $1,027 $982
Near Northwest 4.6% 3.4% $1,022 $970
Total (Austin-wide average)** 4.8% 4.7% $1,026 $994

*Chart represents select top submarkets ranked by vacancy.
**Total includes all submarkets within Austin.

View the full report at Hendricks-Berkadia.

See the Center's free Austin Market Data Sources. Office, industrial, retail, multifamily data all in one spot.

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