El Paso apartments 3Q 2012: Hendricks & Partners
EL PASO – Net move-ins increased to 150 units in third quarter 2012, following positive net absorption of 200 units during the first half of the year. Net absorption has averaged 4,410 units annually since 2000.
Builders have expanded El Paso apartment inventory by 290 market-rate rentals year-to-date, compared to completions of 1,225 units last year.
Multifamily permitting activity reached 945 annualized units 3Q 2012, up 25 percent over the past six months. Leading up to the recession, annual permit issuance reached an apex of 1,480 units in February of 2008.
Although vacancy ticked up 20 basis points in 3Q 2012 to 4.3 percent, it is 30 basis points below the close of last year. Additionally, current vacancies are below the historical average of 4.7 percent since 1999.
Metrowide asking rent growth eased in 3Q 2012, rising 0.3 percent to $690 per month. In the first and second quarters, rents appreciated 0.9 percent and 0.8 percent, respectively.
| Submarkets 40+ Units | Vacancy | Average Rent | ||
| 3Q 2012 | 3Q 2011 | 3Q 2012 | 3Q 2011 | |
| Central | 4.3% | 3.6% | $680 | $665 |
| East / Southeast | 4.0% | 2.9% | $675 | $648 |
| Northeast | 4.9% | 3.0% | $676 | $639 |
| Northwest | 4.5% | 4.2% | $720 | $771 |
| Totals | 4.3% | 3.4% | $690 | $668 |
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