Texas Apartment Marketplace Update Might 2006
Although all key 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 average 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 discovered in San Antonio, which absorbed 243 units in May possibly. Posting the weakest absorption figures in Might was the Houston industry, at -477 units. Austin apartment market place occupancy decreased .36 points in May possibly to 93.02%, but remains 1.64 points above final years
level. Average rents, presently at $.931 psf, are $.002 psf larger than final month and $.003 psf larger than last year. Monthly absorption returned to positive territory, as 236 units had been absorbed, bringing annual absorption to three,709 units.
Dallas/Fort Worth apartment marketplace occupancy was down .17 points more than the month. Currently at 90.18%, occupancy is 1.46 points larger than this time final year. Average rents elevated $.001 psf to $.868 psf, and are $.005 psf greater than Might 2005 levels. The industry absorbed 216 units over the month annual absorption now totals 13,468 units.
Houston apartment market occupancy fell .19 points over the month to 90.57%, but has gained three.75 points since this time last year. Rental rates gained $.001 psf in Might and are up $.026 psf over the year. Absorption more than the month was -477 units nevertheless, more than-the-year absorption remains well in the black at 22,628 units.
San Antonio occupancy decreased .31 points to 91.38%, and is up .17 points over the year. Rental rates posted a lower of $.002 psf over the month, but are up $.010 psf because May possibly 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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