Texas Apartment Market
Below is a MRR and PLR article in category Finance -> subcategory Real Estate.
Texas Apartment Market Overview
Summary
All major Texas metro areas report overall occupancies above 90%. Austin leads with a 93.39% occupancy rate, while Dallas/Fort Worth has the lowest at 90.35%. Austin also boasts the highest rental rates at $0.930 per square foot.Keywords
Texas apartment market, commercial real estateArticle Body
Across Texas, metro apartment markets maintain strong occupancy rates, each exceeding 90%. Austin takes the lead with a 93.39% occupancy rate, while Dallas/Fort Worth trails at 90.35%. Austin not only has the highest occupancy but also commands the highest rental prices, averaging $0.930 per square foot. In comparison, other metro areas have rents below $0.870 psf.
The Dallas/Fort Worth region showed robust growth with 641 units absorbed in April, indicating strong demand. Meanwhile, San Antonio also achieved positive absorption, though both Houston and Austin saw slight declines.
Austin Market
Austin experienced a minor decrease in occupancy, down 0.07 points, yet it remains 2.10 points higher than in April 2005. Current rents stand at $0.930 psf, marking a slight increase from both last month and last year. Although absorption was negative this month at -109 units, annual absorption still totals 3,589 units.Dallas/Fort Worth Market
Occupancy in Dallas/Fort Worth rose by 0.03 points to 90.35%, marking a 1.70 point increase from last year. Rental rates remain stable at $0.867 psf, with a slight year-over-year increase. Monthly absorption reached 641 units, bringing the annual total to 13,575 units.Houston Market
Houston saw a decrease in occupancy by 0.27 points to 90.73%. Despite this, it remains 4.29 points above April 2005 levels. Rents increased marginally by $0.003 psf over the month, reaching $0.824 psf, with a notable annual rise. However, the market experienced negative absorption of -323 units, with a twelve-month absorption total of 24,542 units.San Antonio Market
San Antonio's occupancy climbed 0.08 points to 91.69%, showing a year-over-year increase of 0.47 points. Rental rates edged up by $0.001 psf to $0.817 psf, slightly higher than last year. April marked the third consecutive month of positive absorption, with 237 units absorbed, contributing to an annual absorption of 3,473 units.You can find the original non-AI version of this article here: Texas Apartment Market.
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