The Occupancy Rate in Austin at the end of November stood at 94.5%, up 1.1% from a year ago but down slightly from last month. Effective Rental Rates were at $894 ($1.04 per square foot), up 7.0% for the year. The percent of properties offering concessions was slightly elevated over the past month, but still down 43% from a year ago. Nothing is on the horizon to greatly change Austin’s upward cycle – new construction is in gear, but not enough to cause any real damage to the market as a whole; job numbers are pretty stable; market conditions look good. All-in-all, Austin should look forward to another very good year ahead, even if it is slightly mellowed from 2011.
Read more...Austin Market Review End of November 2011 « ALN Apartment Data
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