CORPUS CHRISTI - Multifamily developers requested permits for 130 units in first half 2013. During the same period in 2012, permits were issued for 260 units.
Leasing activity turned positive with the net absorption of 200 units in second quarter 2013.
The improving economy is supporting development. Builders completed 110 rental units in third quarter 2013. Metro-area vacancy rate was 4.2 percent in second quarter 2012. The rate has remained in the 4 percent range for 2013.
Marketwide asking rent reached $839 per month in June 2013. Since June 2012, asking rent has seen a 7.0 percent jump.
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