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Austin multifamily 3Q 2013: Hendricks-BerkadiaAustin multifamily 3Q 2013: Hendricks-Berkadiahttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=60442013-10-16T08:20:00Z2013-10-14T08:00:00Z

AUSTIN - Inventory expanded by 1,540 new units in the last three months, according to Hendricks-Berkadia. With year-to-date deliveries at 4,250 units, this year's construction outpaced the 2,760 units delivered in all of 2012.

Leasing activity remained healthy with the net absorption of 1,690 units in third quarter 2013. Rental demand was less than the 2,143 units absorbed during 2Q 2013.

Average asking rent increased 0.9 percent to $1,026 per month from July to September. Rents rose every quarter this year following a drop at the end of 2012.

Austin Multifamily 3Q 2013 / 3Q 2012 Comparison*
Submarkets Vacancy Average Rent
3Q 2013 3Q 2012 3Q 2013 3Q 2012
Central 5.3% 4.9% $1,973 $1,921
Far Northwest 4.5% 4.3% $1,010 $980
Far South 4.7% 3.6% $1,066 $1,045
Near Northwest 4.5% 4.8% $1,004 $966
Near South Central 3.7% 3.6% $1,292 $1,275
Northwest 4.5% 4.9% $1,060 $1,059
West 6.6% 4.6% $1,292 $1,246
Total** 4.6% 4.5% $1,026 $997

*Listed submarkets include those which have an asking rent over $1,000
**Total represents total of all 15 submarkets in the Austin area

View the full report at Hendricks-Berkadia.

See the Real Estate Center's free Austin Market Data Sources. Stats and facts galore!

Berkadia
Austin-Round Rock
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