Q1 2014 Austin Multifamily Update

2717 s lamar new project renderingQuarter 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

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