Texas Apartment Market Update May 2006
Although all main Texas markets posted decreases in typical occupancy in Might, occupancy remains above 90% in all four, with Austin recording the highest at 93.02%. The lowest occupancy was found in Dallas/Fort Worth at 90.18%.
Austin has the highest typical rent per square foot as nicely, at $.931 per square foot (psf) Dallas/Fort Worth posted the second highest at $.868 psf. The strongest monthly absorption was found in San Antonio, which absorbed 243 units in Could. Posting the weakest absorption figures in May was the Houston industry, at -477 units. Austin apartment industry occupancy decreased .36 points in Could to 93.02%, but remains 1.64 points above final years
level. Typical rents, currently at $.931 psf, are $.002 psf greater than final month and $.003 psf larger than final year. Monthly absorption returned to good territory, as 236 units were absorbed, bringing annual absorption to three,709 units.
Dallas/Fort Worth apartment market occupancy was down .17 points over the month. At the moment at 90.18%, occupancy is 1.46 points larger than this time final year. Average rents increased $.001 psf to $.868 psf, and are $.005 psf greater than Might 2005 levels. The marketplace absorbed 216 units over the month annual absorption now totals 13,468 units.
Houston apartment market place occupancy fell .19 points over the month to 90.57%, but has gained three.75 points considering that this time final year. Rental rates gained $.001 psf in May and are up $.026 psf over the year. Absorption over the month was -477 units however, more than-the-year absorption remains effectively in the black at 22,628 units.
San Antonio occupancy decreased .31 points to 91.38%, and is up .17 points more than the year. Rental rates posted a reduce of $.002 psf over the month, but are up $.010 psf since Could 2005. Absorption was positive for the fourth month in a row, at 243 units, whilst annual absorption stands at three,792 units.
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