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Market Summary
Key metrics for the Austin area multifamily sector recorded both positive and negative changes in June 2015.
Occupancy figures recorded both upward and downward trends for the classes for the month. Class A properties reported an increase of 0.33% over last month, and an increase of 0.62% over last year. The largest monthly increase also noted for Class A properties. The largest annual increase was noted for Class D with an increase of 2.17%.
The average rental rate per square foot reported significant increase for all classes. Class A reported an increase of $0.008 per square foot over last month and an increase of $0.044 per square foot on an annual basis. The largest increase over the year was noted for Class D properties with a figure of $0.077 per square foot.
The average rental rate per unit recorded positive changes over the month. Class A properties reported an increase of $5.93 per unit over previous month. The largest increase over the month was noted for Class A properties. On a year-over-year basis Class A properties reported an increase of $33.45 per unit. The largest increase over the year was noted for Class D properties; the average went up by $55.30 per unit to close at $803.14 per unit.
4,920 units are in the construction pipeline, spread over 15 projects. 29.61% of the pipeline is currently pre-leasing.
Absorption for Austin was positive 361 units in June 2015 and positive 2,519 units in the twelve month rolling period. 2,176 units are in the planning stage.
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