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Market Summary
Key metrics for the Austin area multifamily sector recorded both positive and negative changes in March 2016.
Occupancy figures recorded mostly upward trend for the classes for the month. Class A properties reported an increase of 0.01% over last month, and an increase of 0.64% over last year. The largest monthly increase note for Class B, an increase of 0.02%. The largest annual increase was also noted for Class A properties.
The average rental rate per square foot reported no changes for all classes. All the classed reported an unchanged figure from previous month. The largest increase over the year was noted for Class A properties with a figure of $0.046 per square foot.
The average rental rate per unit reported no changes for all classes. All the classed reported an unchanged figure from previous month. The largest increase over the year was noted for Class A properties with a figure of $0.046 per square foot.
4,179 units are in the construction pipeline, spread over 13 projects. 19.11% of the pipeline is currently pre-leasing.
Absorption for Austin was positive 19 units in March 2016 and positive 1,199 units in the twelve month rolling period. 2,176 units are in the planning stage.
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