Q1 2014 Austin Multifamily Update

Quarter 1, 2014 Austin Multifamily update provided by Austin Investor Interests LLC, Austin Multifamily Report reveals the following regarding the current Austin Multifamily market.

• 17,627 units are under construction
• Q1 2014 Occupancy rates are at 94%, down .85% from previous quarter
• Rental rates increased 1.44 % to average of $1.20/SF
• Rent in CBD averages $2.51/SF
• Class A average rent = $1.36/SF
• Class B and C properties average $1.15/SF
• 2,081 new units were added to the market in Q1 2014
• Investment sales average price per unit totals $102,538
• 74 new apartment projects are under construction, totaling 19,767 units
• 12,000 new units are awaiting building permits
• Of the 24 communities actively listed for sale, 1/2 are under contract