Nov 29, 2012
Austin apartments 3Q 2012: Hendricks & Partners
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...
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.
| 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.
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