Austin multifamily 1Q 2013: Austin Investor Interests

AUSTIN – Multifamily occupancy in Austin rose .22 percent during first quarter 2013 to reach 95.1 percent, according to Austin Investor Interests. Rental rates were up 2.3 percent, bringing the current average to $1.12 per sf. Absorption figures recovered as well, with 1,093 more units occupied.

Currently, there are over 16,400 units already under construction throughout the Austin area.

While the first quarter saw the addition of 1,101 new units, developers anticipate adding approximately 9,300 new units over the next 12 months. Here are some quick facts from the Austin multifamily market:

• Average occupancy — 95.1 percent;
• Average rent — $958;
• Average SF — 851;
• Average rent/SF — $1.12;
• New units added (conventional) — 1,101; and
• Average sales price/unit — $76,794.
   

Source: Austin Investor Interests