Corpus Christi apartments 2013: Hendricks-BerkadiaCorpus Christi apartments 2013: Hendricks-Berkadiahttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=53002014-01-10T12:05:00Z2014-01-10T00:00:00Z

CORPUS CHRISTI - In 2013, 120 units were absorbed, down from the 580 units absorbed in 2012 and the historic average of 280 units. In 2014, 440 units are forecast to be absorbed, and 520 units are projected to be absorbed in 2015.

Vacancy shifted from 4.0 percent in 2012 to 4.2 percent in 2013, and Class C vacancy tightened to 4.9 percent by December 2013 from 5.3 percent in 2012.

During the second half of 2013, 200 units came online, but the only deliveries were a part of two apartment communities located near the South Side area. Construction has started on an additional 630 units that are scheduled to be complete by the end of 2014.

Average asking rent reached $834 per month in 2013, up from $816 in 2012. Class A rents had the largest rent gain last year, up 9.2 percent to $1,073 per month.

Average asking rent will advance 3.2 percent during the next 12 months to $861 per month, and concessions will rise to 2.2 percent of asking rents.

Hiring accelerated with 7,000 new jobs to support rising rental demand. Leisure and hospitality businesses provided 1,700 of the new positions.

With 900 new jobs each, the educational and health services and the trade, transportation and utilities sectors also registered healthy gains.

Year Jobs
Jobs Gained in Corpus Christi
2011 4,500
2012 6,900
2013* 7,000
2014* 5,800
2015* 5,400

* Year-end projection

View the full report at Hendricks-Berkadia.

See the Center's Corpus Christi Market Data Sources for more great data.

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