Austin Apartment Market Update - September 2007

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Austin apartment occupancy, at 93.39%, remains the highest among the major Texas markets.  Further, rental rates in Austin recorded yet another monthly increase in September, and continue to the lead the state.  Absorption in Austin was positive for the second straight month and trailed only the Dallas/Fort Worth market in terms of monthly absorption of all four major Texas markets.

Austin apartment market occupancy gained 0.15 points over the month and is up 0.20 points over the year to 93.39%. Average rents per square foot were up $0.003 in September to $0.969 psf, which represents a $0.028-psf annual gain. Average rent per unit increased $2.16 in September to $807.68.  Rent per unit in Austin has jumped $23.18 over the last twelve months. Monthly absorption remained positive at 502 units, while annual absorption totals 1,879 units. 

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