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Austin area apartment 1Q 2013: Marcus & MillichapAustin area apartment 1Q 2013: Marcus & Millichaphttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=75742013-04-24T11:55:00Z2013-04-24T00:00:00Z

AUSTIN - Austin’s economic recovery is drawing investors to the market where job and population growth bodes well for apartment operators, according to the most recent report from Marcus & Millichap.

Institutional investors have become increasingly active in the metro during the last year, and the lack of new inventory has steered many of these institutional-grade buyers to ten- to 12-year-old Class A assets.

Developers will complete 9,000 units in the Austin area during 2013, growing inventory by nearly 5 percent. Over 7,600 apartments will come online as market-rate rentals. The remainder will consist of student, senior and affordable housing.

Austin Submarket Vacancy Ranking
Rank Submarket Vacancy
Rate
Y-O-Y Basis
Point Change
Effective
Rents
Y-O-Y
Change
1 Downtown / University 2.1% -130 $1,984 11.8%
2 Near North Austin 4.2% 110 $1,032 4.3%
3 Arboretum 4.3% 0 $978 7.8%
4 Cedar Park 4.5% -70 $922 4.3%
5 Southwest Austin 5.2% 70 $1,140 6.0%
6 North Central Austin 5.2% -110 $771 6.2%
7 San Marcos 5.3% -90 $1,019 3.9%
8 Far South Austin 5.5% 110 $959 6.3%
9 Far West Austin 5.6% -30 $990 6.6%
10 Southeast Austin 5.7% -50 $903 6.1%


Read more at Marcus & Millichap Real Estate Investment Services.

Marcus & Millichap Real Estate Investment Services
Austin-Round Rock
Multifamily
http://www.marcusmillichap.com/services/research/Read more at {Source}

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