Corpus apartment forecast 2013: Hendricks-BerkadiaCorpus apartment forecast 2013: Hendricks-Berkadiahttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=82592013-02-13T07:37:00Z2013-02-13T00:00:00Z

CORPUS CHRISTI - Hendricks-Berkadia has released its 2013 forecast for the Corpus Christi market.

  • Net absorption will slow 35.7 percent as 315 units will be leased in 2013, followed by 285 net move-ins in 2014. Historically, leasing activity has underpinned average absorption of 345 units annually.
  • Developers will complete 200 units in 2013, increasing inventory by 0.7 percent. Activity will continue as construction will begin on at least 290 units by year-end. Supply will grow by an additional 0.8 percent next year as developers bring online 230 rentals.
  • The forecast includes 300 multifamily permits during the next four quarters. In 2014, activity will increase to 325 multifamily units.
  • The vacancy rate will decrease by 40 basis points this year to 1.9 percent. Average vacancy will hit a record low in 2014 of 1.7 percent, after decreasing another 20 basis points.
  • Over the next four-quarter span, metrowide asking rents will advance 3.6 percent to $727 per month. Subsequently, in 2014, asking rents will ascend 2.5 percent to $745 per month.

See the full report at Hendricks-Berkadia. Registration is free.

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