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Aug 15

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Austin MultiFamily Market Rental Rate at All Time High

Q2, 2011 Austin MultiFamily Market

Data from Industrial Trends Report – Second Quarter 2011 Austin, TX, Grubb & Ellis

  • Absorption in the Second Quarter was 1/2 of Quarter 1 Absorption
  • 171 New Units Added and 689 Units under construction
  • Occupancy increased to 94.7% overall.  Class A at 94.7%, 95.9% for Class B, and 94% for Class C.
  • Most occupancy increases occurred in Far North, Round Rock and Northwest submarkets with 211, 182, and 145 units absorbed respectively.
  • Effective rents increased by 3.3% and resulted in an all time high rate of $1.03/square foot.
  • Investments slowed with 60 million in volume or 1/2 of the Quarter 1 volume.
  • Occupancy and effective rental rates are expected to continue their impressive upward trend.

 

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