Austin Apartment Market Posts Highest Occupancy Levels In Texas
Rents Also Highest In State

Houston, TX (June 12, 2007) - Despite an occupancy rate decrease in May, the rate for Austin remains the highest of any Texas market. This is according to the O'Connor & Associates May Austin Apartment Update Report. Rental rates continued to climb, and are also the highest in the state. Monthly absorption in the Austin market was once again softer than the three other major Texas markets.

While still 0.02 points over last year, the Austin apartment market occupancy fell 0.29 points in May to 93.09 percent. The average rents per square foot (psf) increased $0.003 psf over the month to $0.955 psf, and are up $0.026 psf since this time last year. The average rent per unit gained $2.39 in May to $796.63, bringing the annual increase to $22.01. The market absorbed 61 units in May, and has posted absorption of 1,711 units over the past 12 months.

	Austin
Occupancy	93.09%
Monthly Change	v 0.29
Annual Change	^ 0.02
Rent / Unit	$796.63
Monthly Change	^ $2.39
Annual Change	^ $22.01
Rent / SF	$0.955
Monthly Change	^ $0.003
Annual Change	^ $0.026
Monthly Absorption	61
Annual Absorption	1,711
Units U/C	5,121
Units Planned	5,205

Source: O'Connor & Associates May 2007
Austin Apartment Market Update

For the complete report, visit http://www.poconnor.com/file_repository/Austin_Apt_Market_Update_May2007.pdf

Austin has a total of 657 operating or under-construction projects greater than 25 units with a total of 141,565 units. Class A properties make up 42 percent, Class B make up 36 percent, Class C make up 19 percent and Class D make up three percent.

About O'Connor & Associates
O'Connor & Associates, a national real estate service firm based in Texas, provides appraisals, market research, cost segregation studies and federal and ad valorem tax reduction services. In business since 1974, O'Connor & Associates is frequently acknowledged by national publications as a respected source of information on real estate trends. Visit www.poconnor.com/marketresearch.

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