Developers delivered 2,850 units in first quarter 2014, 53.1 percent more than 4Q 2013. The Central submarket had the most completions for the metropolitan area with 590 units.
Rental demand has remained healthy as 2,000 units have been absorbed in 1Q 2014. Leasing activity has accelerated from the 1,330 units absorbed in 4Q 2013.
Developers submitted multifamily permits for 17,200 annualized units in March, up 24.6 percent from December 2013. The recent surge elevated permitting activity 33.5 percent from March 2013. The 1Q 2014 submission rate was a three-decade high.
Read more...Austin multifamily 1Q 2014: Hendricks-Berkadia via Real Estate Center at Texas A&M
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