Austin multifamily 2Q 2013: Austin Investor Interests

AUSTIN – For the past couple of years, the occupancy rates have remained relatively steady while rental rates have inched upward, according to Austin Investor Interests.

Second quarter continued the trend, with occupancy hovering at a healthy 95 percent and rental rates continuing to hit all time highs, currently reaching $1.15 per sf.

There are over 17,000 new units currently under construction in the Austin area. Well over half of these are expected to be completed during the next 12 months and an additional 10,500 are slated to start.

The influx of new units will impact the steady nature that has defined this market since 2011.

Quick facts from the Austin multifamily market:

• Average occupancy — 95 percent
• Average rent/SF — $1.1;
• Average sales price/unit — $78,000

Source: Austin Investor Interests