Q2, 2011 Austin MultiFamily Market
- 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.