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Austin apartments 3Q 2012: Hendricks & PartnersAustin apartments 3Q 2012: Hendricks & Partnershttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=89152012-11-29T12:25:00Z2012-11-29T00:00:00Z

AUSTIN - Since June, apartment operators have noted positive net absorption of 650 units, compared with 675 net move-ins during third quarter 2012, according to Hendricks & Partners.

Although there are a considerable number of projects under construction, deliveries have remained steady but low in 2012, with 300 apartments coming online in 3Q 2012.

The average vacancy has plunged to 4.1 percent in 2012. The current quarterly rate is the lowest on record since 2000. Asking rents have advanced 2 percent since the close of 2011 to $933 per month in 3Q 2012.

Austin Multifamily
2012 / 2011 Comparison Vacancy and Rent
Submarkets
48+ Units
Vacancy Average Rent
3Q 2012 3Q 2011 3Q 2012 3Q 2011
Central 3.5% 5.5% $1,109 $1,057
Northwest 4.4% 6.0% $935 $897
Far Northwest 4.0% 6.5% $862 $816
West 2.8% 5.0% $1,120 $1,008
South 3.9% 4.9% $891 $834
Northeast 4.2% 7.4% $798 $769
San Marcos 7.4% 5.6% $835 $820
Totals 4.2% 6.0% $893 $849


View the full report at Hendricks & Partners.

Berkadia
Austin-Round Rock
Multifamily
http://www.apartmentupdate.com/index.cfmRead more at {Source}

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