Austin multifamily 2Q 2013: Hendricks-Berkadia
Austin – Hendricks-Berkadia has released its second quarter 2013 apartment data. Increased construction activity led to the completion of 1,740 units in 2Q 2013 — the largest quarterly delivery since the start of 2009.
Rental demand jumped to 2,800 absorbed units during the last three months. The leasing activity was up from the net absorption of 330 units in 1Q 2013.
Developers filed permits for 8,120 multifamily units in the first half 2013. The submission of permits for 16,250 annualized units in June was a 109.3 percent rise in activity from 2012.
| Submarkets | Vacancy | Avg. Rent | ||
| 2Q 2013 | 2Q 2012 | 2Q 2013 | 2Q 2012 | |
| Austin-San Marcos other | 5.6% | 7.0% | $952 | $978 |
| Central | 4.7% | 5.3% | $1,970 | $1,952 |
| East | 4.6% | 6.1% | $938 | $941 |
| Hwy. 183-Cedar Park-Leander | 4.7% | 5.2% | $952 | $917 |
| Round Rock-Georgetown | 5.7% | 4.9% | $950 | $942 |
| San Marcos | 7.0% | 4.7% | $898 | $827 |
| San Marcos other | 8.0% | 5.0% | $993 | $966 |
| West | 7.3% | 4.6% | $1,286 | $1,209 |
| Market total* | 4.55% | 4.9% | $1,006 | $978 |
*Market total includes other submarkets not shown in the chart.
Source: Hendricks-Berkadia. Like data? See Austin Market Data Sources.
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