The local multifamily market's overall average vacancy rate declined to 4.3 percent in third quarter 2011 from 5.6 percent a year earlier, putting vacancy at its lowest level since early 2009, according to Hendricks & Partners.
Improved demand for apartments was evident as 1,153 units were absorbed during the first three quarters of the year, surpassing annual absorption totals for the past 12 years. Through September 2011, 690 new apartment units came online, putting new construction at a five-year high.
Multifamily permits for apartments and condos of five or more units were issued for 250 units in the first nine months of 2011, compared to 204 units permitted in all of 2010 and 47 units permitted in 2009.
Read more...NewsTalk Texas - Rent, demand up in Corpus Christi submarkets
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