Texas Apartment Market Update May possibly 2006
Despite the fact that all main Texas markets posted decreases in typical occupancy in May, occupancy remains above 90% in all 4, with Austin recording the highest at 93.02%. The lowest occupancy was identified in Dallas/Fort Worth at 90.18%.
Austin has the highest typical rent per square foot as well, 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 Might. Posting the weakest absorption figures in May possibly was the Houston marketplace, at -477 units. Austin apartment marketplace occupancy decreased .36 points in Might to 93.02%, but remains 1.64 points above final years
level. Typical rents, at the moment at $.931 psf, are $.002 psf greater than last month and $.003 psf greater 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 place occupancy was down .17 points over the month. At present at 90.18%, occupancy is 1.46 points greater than this time last year. Typical rents increased $.001 psf to $.868 psf, and are $.005 psf higher than May 2005 levels. The market absorbed 216 units more than the month annual absorption now totals 13,468 units.
Houston apartment market place occupancy fell .19 points more than 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, over-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 more than the month, but are up $.010 psf since Might 2005. Absorption was good for the fourth month in a row, at 243 units, while annual absorption stands at 3,792 units.
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