Texas Apartment Market Update May 2006
Below is a MRR and PLR article in category Finance -> subcategory Real Estate.
Texas Apartment Market Update: May 2006
Overview
In May, all major Texas apartment markets experienced slight declines in average occupancy, yet all remained above 90%. Austin led with the highest occupancy rate at 93.02%, while Dallas/Fort Worth recorded the lowest at 90.18%.
Highlights
Austin:
Austin not only had the highest occupancy rate but also the steepest rent per square foot at $0.931. The city absorbed 236 units in May, contributing to an annual absorption of 3,709 units. Although occupancy dipped by 0.36 points to 93.02%, it remains 1.64 points above last year. Rent slightly increased by $0.002 from last month and $0.003 from the previous year.
Dallas/Fort Worth:
Occupancy in Dallas/Fort Worth decreased by 0.17 points to 90.18%, though it improved by 1.46 points compared to last year. Rent increased marginally by $0.001 to $0.868 per square foot, marking a $0.005 rise from May 2005. The area absorbed 216 units in May, with an annual total of 13,468 units.
Houston:
The Houston market saw a 0.19-point drop in occupancy to 90.57%, but this reflects a 3.75-point gain from the previous year. Rent per square foot rose by $0.001 in May, with a $0.026 increase over the year. Despite a negative monthly absorption of 477 units, the yearly absorption remains strong at 22,628 units.
San Antonio:
San Antonio's occupancy fell by 0.31 points to 91.38%, up by 0.17 points over the year. Rent decreased by $0.002 per square foot in May but rose by $0.010 since May 2005. The city maintained positive absorption for the fourth consecutive month, adding 243 units and reaching an annual absorption of 3,792 units.
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