Q1 2014 Austin Multifamily Report
Quarter 1, 2014 Austin Multifamily Report was recently released by CBRE and it continues to report good news for the Austin Texas market.
- The Austin multifamily market breaks down into 4 Classes – Class A, B, C, and D. 11% of the total units are in Class A, 28% of the units are in Class B, 51% of the units are in Class C, and 10% of the units are in Class D.
- Occupancy peaked in Q3 2011 at 94.7% and has decreased since then.
- Occupancy fell 10 basis points from 91.7% in Q4 2013 to 91.6% in Q1 2014.
- Austin absorbed 1,395 units in Q1 2014.
- Q1 absorption slightly surpassed Q1 of 2013 and 2014 #’s.
- Q1 average rental rates of $1.18/square foot ranks as the highest in the state and a 7.6% increase year over year.
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